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List of Schedules required for Audit

1. 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

2. 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

4. CASH AND BANK BALANCES


List of Schedules required for Audit

 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

5. 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

6. 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

7.  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
 Details of wealth tax provision, if applicable
List of Schedules required for Audit

 Details of FBT provision


List of Schedules required for Audit

8. 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

9. 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

10. 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. INVESTMENTS

 Details of investments, if any


 Details of dividend received on investments, if any
List of Schedules required for Audit

 Section 372A working

12. 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.

13. 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)

14. 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

15.  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

16. RECENTLY ISSUED ACCOUNTING STANDARDS COMPLIANCE

 Related Party disclosures


 Leases
 Segment Reporting
 EPS
 Deferred Taxes
 Impairment of assets
 AS 29