List of Schedules required for Audit


FIXED ASSETS • • • • • • • • • • Details of additions during the period Details of assets sold / written off during the period (including computation of profit / loss on such sale / write off Assetwise details of Capital Work-In-Progress as on 31/03/2006 Main asset groupwise summary and working of depreciation on fixed Assets for the period Insurance details of assets giving period and insured amounts Confirmations from third parties with whom assets are lying (e.g. assets at residence of employees) Duly updated Fixed Assets Register containing all required details Physical Verification Report Capitalisation of finance lease (AS-19) Capitalisation of borrowing costs on qualifying assets, if any


INVENTORIES • • • • • • • • Summary of stock as on 31/03/2006 for RM/WIP/FG/Stores & Spares Bill of Materials for major products sold during the period Details of calculations for rates applied to valuation of raw material vis a vis rates of previous period Valuation of work-in-progress and finished goods and basis for the same, including overhead calculation for current and previous period Details of stock written off, obsolete / unsaleable stocks with approvals Ageing analysis of all categories of inventories Details of Net Realisable value, incase of finished goods Quantitative information as required under Schedule VI 1. Opening stock, production, turnover, closing stock – productwise quantities and values; 2. Productwise raw material consumption; 3. Details of imported and indigenous raw material consumed and percentage to total Details of Goods in transit Details of Excise duty on finished goods and customs duty on imported goods in transit

• • 3.

DEBTORS • • • • • • • Agewise break-up of debtors as on 31/03/2006 - sub-ledger duly reconciled with the General Ledger control account. Details regarding subsequent receipts from debtors upto the nearest date of audit. An explanatory note on individual debtors balances outstanding for more than six months Grossing up of debit and credit balances of debtors Details of bad debts written off, if any Computation of exchange gain / loss on conversion of foreign debtors as on 31/03/2005 Balance confirmations from all Group Companies

List of Schedules required for Audit 4. CASH AND BANK BALANCES • • • • Bank reconciliation statements for all bank accounts Confirmations from all banks in PW format for all balances with banks Details of deposits with banks, if any Period end conversion of account balances of forex accounts, if any

List of Schedules required for Audit


LOANS AND ADVANCES • • • • • • • • Details of Prepaid Expenses as on 31/03/2006 showing payment voucher reference, period for which it is prepaid, etc. Details of Claims Receivable as on 31/03/2006 Details of short-term loans given to / taken from group / other companies during the period and balance outstanding thereof as on 31/03/2006 along with interest thereon. Details of T.D.S. certificates received from persons who have deducted such tax during the period. Details of and age wise analysis of advances / loans to staff and interest deduction on the same Confirmations from employees for all advances / loans Details of deposits placed with various parties with original receipts / confirmations Working for amounts due from directors / officers of the company and firms/private limited companies where director is partner/director and maximum amount outstanding during the period


CURRENT LIABILITIES • • • • • Schedule of Sundry Creditors as on 31/03/2006 – sub-ledger duly reconciled with general ledger control account. Grossing up of debit balances in creditors. Details of dues to small scale industrial undertakings including names of parties to whom dues are outstanding for a period exceeding 30 days as at period end Confirmations from all group companies and foreign suppliers duly reconciled with the books of account. Details regarding subsequent payments to creditors upto the nearest date of audit. Subsequent payment dates of statutory and other liabilities with challan copies Details of provision for expenses including details of : - Provision for bonus, gratuity, leave encashment, LTA (and basis thereof) - Warranty provision (including details of warranty expenses incurred against earlier years’ provision Details of advances given to suppliers and netting of the same against credit balances of the respective suppliers. Details of foreign suppliers as on 31/03/2006 (using exchange rates prevailing as on 31/03/2006) Details of liability for sales tax an on 31/03/2006 and sales tax assessment position till date/set off, if any Working for provision for income tax for the period ended 31/03/2006 and income tax assessment status till date duly certified by company’s tax Consultant. Agewise details of advances received from customers duly netted off against outstanding balances Details of interest accrued but not due Working for unmatured finance charges, if any Details of liabilities no longer required written back


• • • • • • • •

List of Schedules required for Audit • •

Details of wealth tax provision, if applicable Details of FBT provision

List of Schedules required for Audit


CONTINGENT LIABILITIES • • • • • Details of estimated amounts of contracts remaining to be executed on capital account and not provided for. Details of bank guarantees outstanding. Details of contingent liability in respect of legal cases/suits filed. Details of claims against the Company not acknowledged as debts Operating Lease commitments


ADDITIONAL INFORMATION • • • • Working for Directors’ remuneration including commission, if any – appointment/ increment letter copy Details of expenditure in foreign currency Details of earnings in foreign exchange CIF Value of Imports and FOB value of Exports


PROFIT AND LOSS ACCOUNT (all schedule to be given with corresponding figures of previous year) • • • • • • • • • • • • • • • • • • Profit & Loss account groupings, consistent with previous year Productwise monthwise details of sales. Details of miscellaneous income. Details of interest received from customers and working for TDS thereon. Details of interest received from others and working for TDS thereon. Details of any other income in excess of Rs.1 lac each. Details of foreign travel expenses. Details of lease rent paid/received. Details of Rent, Rates and Taxes. Details of donations given, if any and compliance with Sec 293(1)(e). Details of Audit Fees, Fees for other services and out-of pocket expenses. Details of commission paid . Loanwise/Bankwise details of interest paid. Details of interest paid to others. Details of exchange gain / loss including separately exchange differences to be allocated to relevant fixed assets, if any Details of Legal and professional expenses. Details of Directors sitting fees Details of Repairs and maintenance expenses for: • Building • Plant and Machinery • Others Details of any other expenses in excess of Rs. 1 lac each PF / ESIC deduction and deposit schedule with due dates Analytical review of major P & L items as compared to the previous year GP ratio analysis as compared to the previous year Transfer of Profit to Reserve Rules working/compliance

• • • • • 11.


List of Schedules required for Audit • • • 12.

Details of investments, if any Details of dividend received on investments, if any Section 372A working

SHARE CAPITAL • • • List of shareholders giving number of shares held and dates of receipt of monies in respect of shares issued. Changes in foreign shareholding pattern, if any, FIPB/RBI approval thereof. Allotment return of share allotments during the period, if any Annual return.


GENERAL • • • A copy of the annual budget submitted to parent co. Copy of the MIS report for March 2006 Internal Audit report (with Action taken report)


STATUTORY COMPLIANCES • The following statutory registers/documents to be updated and made available to us for verification: Register of charges and mortgages (Section 143) Register of members and their particulars (Section 150) Separate Minute books of: - General Meetings - Directors Meetings - Audit Committee Meetings - Other Committee Meetings, if any


Register of Companies, firms etc. in which directors are interested (Section 301) Register of contracts with companies and firms in which directors are interested giving details (Section 297 & 299) Register of Directors and directors’ shareholding Directors’ qualification – Sec 274(1)(g) confirmations RECENTLY ISSUED ACCOUNTING STANDARDS COMPLIANCE • • • • • • • Related Party disclosures Leases Segment Reporting EPS Deferred Taxes Impairment of assets AS 29


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