Need help in proceeding Audit

Stat Audit 593 views 3 replies

Yogesh Shah

Managing Corporate Finance

1051 Points Joined March 2009

Hi folks,

Currently I am doing an Audit of one Institution which gives training to Govt. Staff. This institution is governed by ‘Bombay Public Trust Act’. I am reading that Act also but I want opinions from you experts, regarding what shall I focus on, what would be grey areas within such organization, or any other relevant fields?

(For information :- this organization only gives training to Govt. Staff / newly appointed Govt. Officials, main cash expenditure is nothing but a Advances to Staff and main receipts are rent from properties lent)

Replies (3)

Ranjan Dayal

Professional

275 Points Joined February 2008

Dear Yogesh

In the absence of Type of audit i.e internal audit or stat audit , it is difficult to provide any assistance.

Yogesh Shah

Managing Corporate Finance

1051 Points Joined March 2009

Hi Ranjan,

Its Statutory Audit.

CA SURENDRA KUMAR RAKHECHA

Practising CA at Surat

26263 Points Joined November 2009

1. First of all; see the previous Audit Reports and adverse remarks therein, if any.

2. See Income & Expenditure Account and Balance Sheet carefully for at least of previous two years.

3. See if there is any major change in expenses pattern.

4. Regarding office advances; see the Board Minute Books to what extent office advances can be given and its recovery proceedings/adjustment from salaries.

5. See Lease Deeds and accordingly you can verify whether rent is being collected accordingly.