Infromation regarding mall's or super market audit

Internal Audit 1676 views 2 replies

Ankit Agrawal

pcc student

25 Points Joined February 2010

Dear Friends,

Firstly i want to know how should i maintain the books of a super market where there is daily 1000s of transactions of purchase and sale ? If u or ur friends had done audit of any mall or super market then please share the experiance with me. I have the responsebility of one super market from its accounting entries to its final audit.

Secondly there is always one common question which confuses me when i think about different types business, that what will be the best way of maintaning accounting procedure of this type of business ? And are there any books or coaching where i'll get this information ?

Replies (2)

Shweta Bansal

175 Points Joined March 2009

The most important thing in a super market is the inventory. So firstly the inventory audit is required. The second thing to go by is the Bank reconcilliation. This will help to draw the format of the Balance Sheet.

The vouching and verification of Sale, Purchase Direct and Indirect Expenses is required. One can also do the random check or the Sample check (like Sale invoice of above Rs.500 to be checked) depending upon the turnover and the client requirement.

Ledger Scrutiny of the Books on accounting software is also required.

Hope this helps.....................................:)

CA CMA CS Ram Pavan Kumar Melam

7205 Points Joined January 2010

I agree with Shweta that in supermarkets major control has to be placed on inventory. There are a few softwares to maintain the supermarket accounting and they are Comcash POS software, GoldTech Retail Manger, Microsoft Dynamics GP, CounterPoint by Radiant Systems, NetSuite Multi-Channel Retail Management Suite etc. However, their licencing and usage in India has to be checked. As a consultant you may also advice the management to place surveillance cameras.