Please tell me the steps and points that is required to check during statutory audit. Please share practical experience
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Statutory audit
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Statutory audit of what ?
Like company or co-operative societies, banks, etc
Like company or co-operative societies, banks, etc
U mean the whole company ? or a specific area like expense, income, asset etc There are infinite steps to audit a company. U can only limit the checking through past experience of the same client and observed weaknesses.
U can print a trial balance and take the biggest ledger or each head..for e.g direct income - sale of X (which is the highest value in the head direct income). take invoices, check date, amt etc. similarly verify loans, advances, deposits, assets etc. Just verify the assertions of trial balance
audit of private company. Need practical steps that must be followed by auditor. and also the points to be checked.?
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