My power corporation audit

Dear Shobit,

The areas to be covered is different in different audits.

Ask the seniors or managers or partners in your office to guide you regarding this assignment as they will be in a better position to explain it to you.

Regards

KP

hmmm... but i am the only article of my ca firm and this is our firm first audit too... thats why i was expecting someone to share their experience with me..

Preparation for Audit is important

1.Read and understand the last 3 years Annual report of the organisation

2.See the budget for the current year

3.Look at the Board Minutes for the last two years including current year

4.Bye laws, Mannuals, Memoradum and Articles of Association of the entity.

5.Internal audit report,report of the statutory auditor

6.Understand the IT system of the organisation-ERP,SAP/Oracle/Tally and other Accoutnig softwares used.

7.Bussiness strategy of the organisation.

After audit preparation kindly go ahead