Elements to Be Checked Under a Statutory Audit Checklist:
A balance sheet inclusive of-
(a) Details regarding shared capital.
(b) Details of share application money.
(c) Details of secured loans including latest bank statements, bank reconciliation statements and sanctioned letters confirming the rate of interest on the loan.
(d) Details of unsecured loans including statements showing acceptance of loan, rate of interest confirmation letter, ledger copies from the books of the loan provider.
(e) Details of current liabilities and provisions including confirmation copies of the closing balances, detailed break-up of the sundry creditors, ledger copies of parties book, detailed notes on the creditors written-off, list of parties to be written-off, detailed provisions standing in the books
(f) Details of dues and returns including copies of TDS paid, TCS paid, VAT paid, Sales Tax paid, excise duty paid, provident fund payable, professional tax paid etc., copies of challans.
(g) Details of fixed assets including copies of invoices showing any addition to the Assets, books showing depreciation working, list of assets not yet accounted in the books.
(h) Details of inventories including statements showing valuation of closing stocks, statement of reconciliation and excise records, details of quantity of production and sales on daily basis, input and output ratio of the raw material.
(i) Details of investments including list of investment, date of investment and amount of investment made in a year, nature of investment, investments sold in the year.
(j) Details of current assets including list of sundry debtors, cash and bank balance details, details of deposits etc., profit and loss account details etc.
Statutory records like updated statutory records and statutory register kept by the organization, copies of the general and board body meetings and copies of forms filled if new charges are formed by the company.
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