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Name of Concern Audit for the year ended Persons to whom the audit is assigned Name of the persons

involved in audit Time(days) alloted for audit and actual time taken Time alloted 1 Date

Assesment Year

Time taken 1

Time alloted 2 Varifie d by

S.No. 1 1.1 1.2 1.3 1.4 1.5 2 2.1 2.2 2.3 2.4

Particulars Verification Of Opening Balances 0f Ledgers Cash Books Petty Cash Books Bank Books Stock Registers/Excise Records Cash Books(Including Petty Cash) If Vouching is done on test basis,mention the basis of samples taken. Vouching Of Receipts Vouching of Payments Vouching Of Contra entries Was Cash received from bank,entered in cashbook from Whether any cash payments was made for expenses in excess of Rs. 20000 and 35000 in case of transporter ? Was Cash balance negative at any time? Are all vouchers entered under correct accounting heads? Are all vouchers for expenses/income related to the year under audit? Are Cash vouchers related to the concern being audited? Is revenue stamp of 1 affixed on payments exceeding Rs. 5000 ? Internal Controls on cash handling,accounting and management. Are all Cash vouchers authorized ? Does cashbook includes expenses of personal nature ? Totalling & posting (not needed if computerised) Bank Book

Verifie Date d by

Verifie Date d by

2.5 2.6 2.7 2.8 2.9 2.10 2.11 2.12 2.13 2.14 3

3.1 3.2 3.3 3.4

If Vouching is done on test basis,mention the basis of samples taken. Vouching Of Receipts. Vouching Of payments. Vouching of Contra entries Was cash deposited in bank,entered in cashbook on the same day as deposited as per bank statement ?

3.5

3.6 3.7 3.8

Are expenses/income received through bank related to the year under audit ? Are expenses/income received through bank related to the concern being audited ? Are all vouchers entered under correct accounting heads? Verification of Bank Reconciliation statement ? Are there any cheques pending clearance for more than 6 months in the bank reconciliation statement ? Are there any cheques pending clearance for more than 6 months in the bank reconciliation statement ? reconciliation statement being entered by bank but by the concern ? Sales/Revenue If Vouching is done on test basis,mention the basis of samples taken. Vouching with purchase invoices Verification of fews bills in-depth Are purchases made by the concern any ways relates to business of the firm and if not ask reason for it ? Whether MODVAT and/or VAT on purchase are properly accounted ? Are purchase related to the year under audit ? Are purchases related to the concern being audited ? Are purchases returns related to the purchases made during the year under audit ?

3.9

3.10

4 4.1 4.2 4.3 4.4

4.5 4.6 4.7 4.8

4.9

Are purchases entered under appropriate head, i.e..,raw material,consumable stores,etc ? Are purchase tallying with returns filed with VAT/sales tax Department ? Internal Controls on procurement,accounting and payment for purchases In case of imports verify customs documents,exchange Accounting as per AS-11 Sales/Revenue If Vouching is done on test basis,mention the basis of samples taken. vouching with sales invoices Verification of few few bills in-depth Whether MODVAT and/or VAT on sales are properly accounted ? Are sales related to the year under audit? Are sales related to the concern being audited ? Are sales returns related to the sales made during the year under audit ? Are sales tallying with tax returns submitted with sales tax/VAT authority ? Are other revenue tallying with returns submitted with their regulating authority ? Are all sales bills in serial number; is original copy of cancelled bills with the concern ? Verifying sales with excise records. Checking the quantity. Trading the cash memo/daily cash receipts in cashbook. In case of exports verify Bill of Entry,Exchange Accounting as per AS-11 Obtain third party confirmation letter from debtors Journal

4.10

4.11

4.12 5 5.1 5.2 5.3 5.4 5.5 5.6 5.7

5.8

5.9

5.10 5.11 5.12 5.13 5.14 5.15 6

6.1

6.2 6.3 6.4 7 7.1

If Vouching is done on test basis,mention the basis of samples taken.(nature and the reason shall also be checked) Ensure proper distinction between revenue and capital nature items Are entries made under proper head of a/c. Posting (not neede if computerised) Salary & wages If vouching is done on text basis,mention the basis of samples taken. Verifying amount due with appointment letter and salary and wages register Verify the PF<ESI and other retirement benefits paid/payable with the challans Verify whether the same are deposited with the concerned authorities with in time limit prescribed. Verify whether bonus is paid in lieu of share of profit in the concern.obtain Bonus paid certificate and trace the entry in cash or bank account as the case may be. Checking Contracts & resolutions for payments to directors,executives,etc with vouchers Checking that all wages & salary sheets & payments vouchers are properly authorised Stock Register If vouching is done on test basis,mention the basis of samples taken. Verification of inwards. Verification of outwards Balancing(Is any stock negative on any day) Verification Of stocks from excise records Verification of closing stock with Excise registers (RG-1,RG-23 and PLA),If any

7.2

7.3

7.4

7.5

7.6 8 8.1 8.2 8.3 8.4 8.5 8.6

8.7 8.8

Are Sale Returns duly entered ? Is There proper record for material sent & received for processing/rectification ? Are stocks tallying with stock statements submitted to banks Fis,etc.? Checking closing stock with inventory details & its valuation. Statutory Dues Check Latest Income Tax Orders Check latest Sales Tax/VAT orders & Orders Passed during the year. Check Excise and customs records and audits conducted by the department,if any Are there any defaults in paying ESI dues ? Are there any defaults in paying PF dues? Is service tax paid in time & its return filed in time ? Is TDS Depsited in time & quaterly statements filed in time also check TDS Challans ? Are TDS Certificate issued in time? Are TDS Certificate (deducted by others for the concern being audited) tallying with relevant income for the year? Verify TDS with AS-26 of CBDT. Is ROC returns & documents filed in time ? Is Filling fees accounted for in books ? Is wealth Tax applicable ? If yes necessary provisions ,payments and returns are made ? Is the amount of advance tax and Self assessment tax tallying with the challans? Share Capital & Reserves Is Certificate obtained that balances of share capital register agree with the issued capital as per balance sheet? Is distinction made for shares subscribed in cash or for consideration other than cash ? Is distinction made for revenue reserves and capital reserves ?

8.9 8.10 9 9.1 9.2 9.3 9.4 9.5 9.6 9.7 9.8

9.9

9.10

9.11

9.12 10 10.1

10.2 10.3

10.4

Is there a default by any director In payment of call or allotment money ? Whether proper return of allotment has been filed with ROC. Check Minute book to see the relevant decision affecting share capital and R &S Fixed Assest physically verification of the assests Verification of bills for addidtions during the year. Verification Of depreciation charged. If in any other currency,translate into rupees and handle the difference in Forgein currency Translation. Verify the mortgage deed,Title deed for legal,Equitable mortgage Verify that dep. Is not claimed on portion of CENVAT credit or VAT credit taken Verify minute book,resolutions etc.to check whether there is proper authorization for purchase or sale of plant and machinery verifying provisions for Power & Electricity for the last month of the financial year Cellular & Telephone for the last month of the financial year. Salary & wages or other payment due to the employee for the last month of the financial year Insurance & AMCs prepaid Provision for Gratuity ,leave encashment,etc.,as per actuarial valuation. Other provisions such as staff Welfare,VAT/sales tax payable, service tax payable,income tax payable,Wealth tax payable,etc. Final Closing balances Checking of final balances of Ledgers Cash book,Bank book,etc with Balance Sheet,Profit and Loss A/C

10.5 106 11 11.1 11.2 11.3

11.4

11.5 11.6

11.7 12 12.1 12.2 12.3 12.4 12.5

12.6 13 13.1

13.2 14 14.1

15 15.1

Comparing account head balances with previous year and having answers for major variations. Ratio Analysis Checking of ratio & comparing with previous year's ratios regarding . G.P. Ratio . N.P. ratio .Material consumed Ratio . Stock in trade Ratio . Debt Equity ratio . Current Ratio Internal Control System IS the system in place to prevent or detect fraud ? Whether there are particularly indentified subsidiary or business locations,transcations,account balances,etc where possibility of error is high or risk of fraud is greater Wheather internal control system gas identified any serious weaknessess in the system of internal control ? Nature frequency & extent of management's assessment of such risks. Tests of controls by knowing who actually perform. Wheather fraud risk factors exist ? Scrutiny of General Ledger Party Ledgers Inventories(Quantites and values) Reliance on the work of other auditor or experts. Review of work done by an outside experts/service provider. internal Audit Reports,if any Reports of other auditors,if any Accounting Standard Verification Verify applicability accounting standards in preparation and presentation of books of account and financial statements.

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15.3

15.4

15.5 16 16.1 16.2 16.3 17 17.1 17.2 17.3 18 18.1

18.2

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Whether Proper disclosures have been made in the financial statements as required by Ass issued by company (Accounting Standard Rules)2006 External Confirmation Whether the evidence or confirmation of the ledger balances has been obtained from outside parties regarding bank balances,loans,debtors,creditors,etc. Miscellaneous review events after the balance sheet date Review the terms of debentures & loan agreement and determine whether any have been breached. Review the minutes of the meetings. Consider entity's position concerning unfulfilled customer order. Disclosure of non- recurring or unusual items of income & expenditure. Proper disclosure of matters required by law or international Accounting Standards. Whether accounting estimate is reasonable and appropriately disclosed in the financial statement Whether any evidence is contradicatory with the representation of the management ? Whether the transcations is prejudical to the interest of the company ? Is disclosure regarding MSMED Act ,2006 made ? Whether Chapter-VI deduction taken correctly ? Final Financial Statements Checking of total of schedule & details & tallying with relevant schedules of financial statements for current as well as previous year.

19.1

20 20.1 20.2 20.3 20.4

20.5

20.6

20.7

20.8

20.9 20.10 20.11 21

21.1

21.2

Whether all the events up to the date of auditors's report that may require adjustements of,or disclosure in the financial statement have being identified ? Are all Accounting policies compliant to Accounting Standards and are disclosed properly and followed accordingly ? Are all Accounting Standards Complied with and relevant disclosure made ? Verifying confirmations,Letter & certificates. Verifying reconcilliation of inter branch transcations and transcations with group/sister concerns Verification final trial balance with Financial Statements. Are fundmental accounting assumptions follwed in preparing financial statements viz.,consistency,going concern and accural Verifying Notes to the Accountsneccesary disclosures as per Schedule VI and Accounting Standards. Comparing figures of the current year with the figures of previous year. Checking items of P&L,B/S supporting statements. Verifying computation of taxable Income Drafting of Auditor's Report Conclusion Review of the work performed by each assistant by the senior in charge. Second review done by Finalished by name of the person Finalized on (date) signed on

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21.4 21.5

21.6

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21.9

21.10 21.11 21.12 21.13 22 22.1 22.2 22.3 22.4 22.5

Details Of Statutory Dues Verification

Dues relate to

Due date -deposit of tax

Due Actual dateActual date deposit of tax Return return Date of Amoun Amoun Deposi t t t

Due date TDS/TCS 07.04.20XX 07.05.20XX 07.06.20XX 07.07.20XX 07.08.20XX 07.09.20XX 07.10.20XX 07.11.20XX 07.12.20XX 07.01.20XX 07.02.20XX 07.03.20XX 07.04.20XX 31.05.20XX

15.07.20XX

15.10.20XX

15.01.20XX

15.06.20XX

VAT/CST

Service Tax

25.10.20XX

25.04.20XX Wealth tax

ESI/PF

ROC

Form 23AC/ACA

form 20B form 66 form No. 5 Form no. 2 Form No. 32 Form No.18

Time taken 2 Date Verifie d by