hello evryone....
pls provide me checklist for the statutory audit of the tour & travel company....
1 Replies
Sreeniketh Angara
(B. Com CA PCC CS Executive)
(699 Points)
Replied 30 May 2013
Any Audit Comprises of the Following:
1) Test of Compliance with applicable laws and Regulations
2) Test of Internal Controls
2A) Whether the Controls are in existence
2B) Whether they are adequate
2C) Whether they are operating effectively and efficiently
3) Then move on to the Balance Sheet. Check each and every element of the balance sheet against the relevant supportings. For example you could check share capital against the last year Balance Sheet figures. If ots the same, then mention that there is no change in the share capital from time to time. Then check the RoC site for any additions and deletions to the share capital for a second check. if there are no transactions you can move on to the next item.
4) Then Check each and every individual item on P&L Account. SInce its a Tour Company it will have Incomes like Income from tour Bookings(divided into Air Travel, Rail, Road, Sea etc), hotel accomodation booking (if it also offers any). Commisions from various companies.
5) Expenses should generally be Salaries, Commisions to agents, Tour Expenses, Etc.
6) Special focus on Statutory Transactions.
This should cover mostly all the aspects.
Happy Auditing
Sreeniketh Angara
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