CCI Online Learning
What do you want to learn today?
     
CIBIL

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

trust audit


Payal Rathi   10 May 2019

Payal Rathi

 12 likes  110 points

| My Other Post

which points are to be considered during trust audit?

avater

Giridhar S Karandikar (Team Lead)     10 May 2019

Giridhar S Karandikar
Team Lead 
 715 likes  6937 points

View Profile | My Other Post

the object for the purposes the trust is formed.refer the trust deed for this.

check the transaction in bank related to payment made to trustees and see if there's no personal profiteering done

check the expenses incurred in detail with supporting and proper authorization to ensure that they are incurred only for the objects of trust. if trust us claiming expenses towards Capital expenses then no depreciation is claimed again

ensure that trust expenses 85% of income and if not proper arrangements approvals are available for accumulation of funds for said purposes

avater

Harsh Makwana   13 May 2019

Harsh Makwana

 2 points

View Profile | My Other Post

You have to consider the points for audit of trust as mentioned below
1) Refer the trust deed
2) additional services
3) additional fees
4) administration expenses
5) Constitution of the trust (compliance)
6) investment made by it
7) inventory
8) depreciation/donation
9) capital expenses
10) facility provided by it
11) interest/dividends income
12) income tax refunds


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  



Popular Discussion


view more »



Trending Tags
exams
cag
law
tin nsdl
Professional Resource
esic
gstr 3b
unified portal
icai
cbdt
itr
Excise
Others
eway bill
aatmanirbhar bharat
rbi
tds
VAT
custom
csr
mca
income tax