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Procedure for statutory audit

CS Asmita Mehta (CS) (308 Points)

26 July 2013

Hello CCI Friends,

I want to know exact procedure of statutory audit like ledger scutiny and all.

As I completed my articalship from small firm i never got to know about it.

Can anybody explain it ? I would be so grateful to him/her.... thanks a lot

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6 Replies

CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert) (85930 Points)
Replied 26 July 2013

under shared files in audit section search u will get many files on the said topic.

best of uck.

1 Like

CA and CMA Ravinder Singh (CA and CMA) (853 Points)
Replied 26 July 2013

practical exposure is very important. you should joing some reputed audit firm for 5-6 months to get some.

1 Like

Ki$hor B (Training & Advisory) (3015 Points)
Replied 26 July 2013

Nikita,

First of all, congrats on becoming a CA!

Second, as pointed by Tushar there would be many documents listing the process flow

in statutory audit.

Third, I agree with Ravinder that a downloaded file would give you some comfort but

one should see the actual ledgers and supporting documents

to get a feel of the said process.

Lastly, consider joining a firm (as pointed by a member above) to get

hands-on-experience or join a practical training centre that would teach

this process by showing almost the simulated data.

Goodluck with your learning!

1 Like

A.S TAXSOFT. (SALE AND SUPPORT ENGG.) (254 Points)
Replied 27 July 2013

you can also go for latest software provided by your insitute TAXSUTE or k.d.k product.IT IS very useful to prepare your audit report.you can eaisly import data from TALLY and prepare tax audit as well as company audit with new changes..

ethan12 (B.Com) (26 Points)
Replied 30 July 2013

you need to join well reputed firm for atleast 6 months.It will help you in future

Amith (CA final & CS Professional) (63 Points)
Replied 07 August 2013

No need to join any big firm to learn this, As you're already a CA don't worry fren, time will definitely teach you, so relax.. ask your other frens before you to take up any statutory audit.. search for google, frens and advices to follow any kind of procedure or checklist :-) this is how 'm learning.. all the best for your future:-)