Mustafa Khan & Company

Chartered Accountants
Internal Audit Program Check List

Client Name Transfopower Industries Private Limited Internal Audit Manual

Start Date 2nd May 2019 Internal Audit Check List Form 3/10
Department Import Department Must be Filled By Project Manager
Head Of Account Import of Raw Material Name :- Tahir Waraich

Sr # Check List Head Check List Items Remarks

1 Duties & Taxes

Ensuring the Duties & taxes are paid/charged as per the prevailing rates. Verified
b
Ensuring that any changes in duties & taxes are dully incorporated in the Tax Verified
working. b
Making a Analytical Comparison/Review of all the transaction to check on any Verified
abnormal variation. b
Any transaction which is abnormal should be investigated with reasoning. Verified & Annexure Attached refer as Inter Finding fallow up check List
b
Ensure that all the adjustable and Non Adjustable taxes are properly accounted for Verified
in the books of accounts. b
Ensure that the items are categorized in the appropriate H.S Code. Verified
b
All the documentations/evidence is available and properly attached with below Recommended Check List Annexure T-F-20
documents. b
Verified
> Goods Declaration ( GD ) b
Verified
> Duty Structure as per Weboc/GD b
Verified
> Duties Payment Vouchers attached in Original b
All the SOP's on Duty & Taxes are properly adhered
X
Verified
Ensure that all the duties & Taxes are recorded correctly in accounting system/ERP. b
1 Clearing Charges

Verify all the transaction in relation to Clearing Charges. Verified

b
Ensure all the charges are the as per agreement signed with the Clearing agent.
X
Ensuring that the clearing agent is paid the clearing charges as per the schedule of
charges. X
Ensure all the documentations in relation to evidence bills are properly attached. Verified & Refer to Internal Finding and Fallow Up Check List Form
b
Ensure that all the evidence/bills are provided by the clearing agent on timely basis. Will be Part of SOP
X
Ensure that clearing agent ledger is reconciled on quartly basis.

Ensure all the SOP's on Clearing Charges are properly adhered

X
Ensure that all the Clearing Charges are recorded correctly in accounting
system/ERP. X
1 In Bound
Charges
Ensure that Proper SOP's are followed before diverting the shipment to inbound
facilities. X
Ensure all the inbound charges are charged as per the rates negotiated with the
facilitator. X
Ensure all the documentations or criteria in relation to evidence bills are properly
attached. X
1 Demurrages
Charges

Verify all the transaction in relation to Demurrages Charges. Verified & Annexure Demurrages Charges Attached
b
Compile and investigate each transaction for demurrages charges as below Verified
b
> Number Of Days on Demurrages Verified
b
> Noting/Reason Of Demurrages Charges
X
> Approval of Demurrages Charges
X
All the documentations in relation to evidence bills are properly attached. Refer to Internal Finding and Fallow Up Check List Form
b
Ensure that all the SOP's on Demurrages are properly adhered. X

Ensure that all the Demurrages charges are recorded correctly in accounting Verified
system/ERP. b
1 Transportation & Bilty Charges

Verify all the transaction in relation to Transportation & Bilty Charges. Annexure Bilty Charges attached
b
Compile a Analytical Comparison/Review of all the transaction to check on any Verified
abnormal variation in rates. b
Ensure All the documentations in relation to evidence bills are properly attached. Verified
b
Ensure that all the SOP's on Bilty charges are properly adhered. X
Ensure that all the bilty charges are recorded correctly in accounting system/ERP. Verified
b
Ensure that all the evidence/bills are provided by the forwarder/transport agent
on timely basis. X
Ensure that forwarder/transport agent ledger is reconciled on quartly basis. X
6 Other Charges( Insurance Charges,LC Charges)

Ensure that Insurance and LC charges are well negotiated and on the Lowest Rate Verified
b
Compile a Analytical Comparison/Review of all the transaction to check on any Verified
abnormal variation in rates. b
Ensure All the documentations in relation to evidence bills are properly attached. Verified
b