MILKY MIST DAIRY FOOD PRIVATE LIMITED

Risk & Control Matrix - Record-to-Report

Control# COSO Component COSO Principle

Principle 10: The organization selects and develops control activities that
MM_R2R_01 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.

Principle 10: The organization selects and develops control activities that
MM_R2R_02 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.

Principle 10: The organization selects and develops control activities that
MM_R2R_03 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.

Principle 10: The organization selects and develops control activities that
MM_R2R_04 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.

Principle 11: The organization selects and develops general controls over
MM_R2R_05 Control Activities
technology

Principle 10: The organization selects and develops control activities that
MM_R2R_06 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.

Principle 10: The organization selects and develops control activities that
MM_R2R_07 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.

Principle 12: The organization deploys control activities through policies that
MM_R2R_08 Control Activities
establish what is expected and procedures that put policies into action.

Principle 10: The organization selects and develops control activities that
MM_R2R_09 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.
 Principle 10: The organization selects and develops control activities that
MM_R2R_10 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.

Principle 11: The organization selects and develops general controls over
MM_R2R_11 Control Activities
technology

Principle 12: The organization deploys control activities through policies that
MM_R2R_12 Control Activities
establish what is expected and procedures that put policies into action.

Principle 10: The organization selects and develops control activities that
MM_R2R_13 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.

Principle 10: The organization selects and develops control activities that
MM_R2R_14 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.

Principle 10: The organization selects and develops control activities that
MM_R2R_15 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.

Principle 10: The organization selects and develops control activities that
MM_R2R_16 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.

Principle 10: The organization selects and develops control activities that
MM_R2R_17 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.

Principle 10: The organization selects and develops control activities that
MM_R2R_18 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.

Principle 10: The organization selects and develops control activities that
MM_R2R_19 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.

Principle 10: The organization selects and develops control activities that
MM_R2R_20 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.

Principle 10: The organization selects and develops control activities that
MM_R2R_21 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.

Principle 10: The organization selects and develops control activities that
MM_R2R_22 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.
 Principle 3: Management establishes, with board oversight, structures, reporting
MM_R2R_23 Control Environment
lines, and appropriate authorities and responsibilities in the pursuit of objectives.

Principle 10: The organization selects and develops control activities that
MM_R2R_24 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.
Principle 10: The organization selects and develops control activities that
MM_R2R_25 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.

Principle 11: The organization selects and develops general controls over
MM_R2R_26 Control Activities
technology

Principle 11: The organization selects and develops general controls over
MM_R2R_27 Control Activities
technology

Principle 3: Management establishes, with board oversight, structures, reporting

MM_R2R_28 Control Activities
lines, and appropriate authorities and responsibilities in the pursuit of objectives.

Principle 3: Management establishes, with board oversight, structures, reporting

MM_R2R_29 Control Activities
lines, and appropriate authorities and responsibilities in the pursuit of objectives.

Principle 16: The entity selects, develops, and performs ongoing and/or separate
MM_R2R_30 Monitoring evaluations to ascertain whether the components of internal control are present
and functioning.

Information and Principle 15: The entity communicates with external parties regarding matters
MM_R2R_31
Communication affecting the functioning of internal control

Principle 11: The organization selects and develops general controls over
MM_R2R_32 Control Activities
technology

Principle 10: The organization selects and develops control activities that
MM_R2R_33 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.

Principle 12: The organization deploys control activities through policies that
MM_R2R_34 Control Activities
establish what is expected and procedures that put policies into action.

Principle 11: The organization selects and develops general controls over
MM_R2R_35 Control Activities
technology
 Principle 3: Management establishes, with board oversight, structures, reporting
MM_R2R_36 Control Environment
lines, and appropriate authorities and responsibilities in the pursuit of objectives.

Principle 11: The organization selects and develops general controls over
MM_R2R_37 Control Activities
technology

Principle 10: The organization selects and develops control activities that
MM_R2R_38 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.

Principle 10: The organization selects and develops control activities that
MM_R2R_39 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.
Principle 10: The organization selects and develops control activities that
MM_R2R_40 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.

Principle 10: The organization selects and develops control activities that
MM_R2R_41 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.

Principle 10: The organization selects and develops control activities that
MM_R2R_42 Monitoring contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.

Principle 10: The organization selects and develops control activities that
MM_R2R_43 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.

Principle 10: The organization selects and develops control activities that
MM_R2R_44 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.

Principle 10: The organization selects and develops control activities that
MM_R2R_45 Control Activities contribute to the mitigation of risks to the achievement of objectives to
acceptable levels.
Sub-Process Name Control Objective

Accounting of Payment is made only for the Goods that have been
Transactions received

Accounting of Fixed Assets under WIP are monitored and transferred to

Transactions fixed assets at the appropriate time

Accounting of
Arrive at correct financial position
Transactions

Accounting of
Arrive at correct financial position
Transactions

Cash and Bank Correct cash and bank balances reported in the Trial
Management Balance

Cash and Bank Correct cash and bank balances reported in the Trial
Management Balance

Cash and Bank Correct cash and bank balances reported in the Trial
Management Balance

Cash and Bank All bank accounts are operational and there is no misuse in
Management any dormant bank account

Cash and Bank Correct loan and deposit balances are reported in the Trial
Management Balance
 Cash and Bank
Physical cash is matched with books
Management

All payments through online banking are duly authorised

Cash and Bank
and made directly to the bank account of the appropriate
Management
party

Cash and Bank All statutory payments are made directly to the Government
Management account

Cash and Bank All payments are under due authorization of the appropriate
Management authority

Statutory Compliance Correct and timely compliance of Statutory payments

Statutory Compliance Correct and timely compliance of Statutory filings

Statutory Compliance Matching of Books and balances as per Statutory Returns

Statutory Compliance Correct and accurate compliance of Statutory filings

Statutory Compliance Correct and accurate compliance of Statutory filings

Statutory Compliance Correct and timely compliance of Statutory payments

Statutory Compliance Matching of Books and balances as per Statutory Returns

Statutory Compliance Correct and timely compliance of Statutory payments

Statutory Compliance Correct and timely compliance of Statutory filings

Statutory Compliance Correct and timely compliance of Statutory filings

Statutory Compliance Compliance with Laws & Regulations

Statutory Compliance Compliance with Laws & Regulations

All transactions in ERP are entered by Authorized

Chart Of Accounts
Personnel from the Respective Teams

Chart Of Accounts Arrive at correct financial position

Bank Account
Only authorized personnel operate bank accounts
Opening

Bank Account
Only authorized personnel operate bank accounts
Opening

Bank Account
Only authorized personnel operate bank accounts
Opening

Bank Account
Only authorized personnel operate bank accounts
Opening

Closure of
Accounting Period of Arrive at correct financial position
Monthly basis

Closure of
Accounting Period of Arrive at correct financial position
Monthly basis
Defining the Financial
Reporting and Closing Arrive at correct financial position
process

Defining the Financial

Reporting and Closing Arrive at correct financial position
process
 Preparing and
reviewing Financial Arrive at correct financial position
Statement

Preparing and
reviewing Financial Arrive at correct financial position
Statement

Preparing and
Review of variances and redefining Budgets which are in
reviewing Financial
line with the Actuals
Statement

Preparing and
reviewing Financial Arrive at correct financial position
Statement
Preparing and
reviewing Financial Arrive at correct financial position
Statement

Preparing and
reviewing Financial Arrive at correct financial position
Statement

Preparing and
reviewing Financial Inventory records are matched with Financial Books
Statement

Preparing and
reviewing Financial Arrive at correct financial position
Statement

Preparing and
reviewing Financial Inventory records are matched with Financial Books
Statement

Input Tax Credit as per books is matched with Input Tax

Statutory Compliance
Credit as per GSTR 2B
 Misstatement Due to Fraud?

Account Balance/ Class of

Classification of Inherent

Risk Associated with the

Transactions/Disclosure

Existence/Occurrence
(High, Medium, Low)
(Normal, Significant)

Risk of Material

Completeness
Accuracy
Control

Cut off
Risk
Risk

Payments may be processed for goods that have not

been received or that are priced inappropriately given
Significant Yes High a a
the purchase order price due to Possibility of clerical
errors in feeding data in ERP

Capitalisation of Fixed Assets even before asset is

ready for commercial production / Capitalised after Significant No High a a a
substantial delay

Revenue Expenditure treated as Capital Expenditure

Significant No High a a
and vice versa

Inaccurate reporting of payments to parties as Deposits Significant No High

Inaccurate/ incomplete recording of bank accounts

resulting in incorrect presentation of cash and bank Significant Yes High a a
balances
Inaccurate/ incomplete recording of bank accounts
resulting in incorrect presentation of cash and bank Normal No Medium a a a a
balances

Inaccurate, incomplete and non-timely recording of

cash and bank transactions resulting in incorrect cash Significant Yes High a a a a
and bank balances

Unauthorized / inaccurate recording of Bank

Normal No Medium a a
transactions resulting in incorrect Bank balances

Unauthorized / inaccurate recording of Bank

Significant Yes High a a a
transactions resulting in incorrect Bank balances
 Non-reconciliation of cash book to the general ledger
Normal No Medium a a a
resulting in unidentified discrepancies

Inappropriate/ unauthorized access to online banking

system (wire transfers etc.) resulting in fraudulent Significant Yes High a
transactions

Inappropriate/ unauthorized access to online banking

system (wire transfers etc.) resulting in fraudulent Significant Yes High a
transactions

Inappropriate/ unauthorized access to on-line banking

system (wire transfers etc.) resulting in fraudulent Significant Yes High a
transactions

Profession Tax - Delay in payment of collected taxes Significant No High a a

GST - Inappropriate or inaccurate filing of GST

Significant No High a a a
Returns including filing of ITC 04

GST - Closing balance is not matched with balance as

Significant No High a a a
per GST portal

GST - Reverse Charge Compliance not made / Input

Tax Credit claimed on ineligible supplies / Reversal of Significant No High a a
ITC towards Exempted Supplies

TDS Returns are not filed / filed inaccurately Significant No High a a

TDS not deducted Significant No High a a a

TDS receivable not accounted Normal No Low a a a a

Advance Tax not quantified correctly or not paid within

Normal No Low a a
time

Filing of charges - Creation of Charge, Modification of

Charge, Satisfaction of Charge with Registrar of Significant No High a
Companies
 Appointment of Company Secretary for Secretarial
Normal No Low
Audit

Income Tax - Compliance with cash payment limits and

Significant No High a
limits for receipt of cash

CSR Expenses to be spent Normal No Low a

Unauthorized changes to Chart of Accounts can have

Significant Yes High
impact on financials.

Wrong Grouping of Ledgers Significant No High a

Unauthorized opening/ closing of bank accounts

Normal No Medium
resulting in misappropriation of funds

Unauthorized bank signatories resulting in invalid/

Significant Yes High a a
fraudulent transactions

Unauthorized bank signatories resulting in invalid /

Normal No Medium a a
fraudulent transactions

Unauthorized bank signatories resulting in invalid /

Normal Yes High a a
fraudulent transactions

Accounting records are not closed and/ or reconciled in

a timely manner. Transactions may be posted to an
Significant Yes High a a
inappropriate period thus misstating the financial
records.
Incomplete and invalid financial statements.
Unauthorized posting of journal entries may lead to Normal No Low a a a
financial statement misstatement.
Absence of accounting policy provide vague reference
to entity in terms of accounting treatment for Normal No Medium
transactions.
Inappropriate or inaccurate changes to financial
documents are made by users who are not authorized to
Normal No Medium
perform this task; this may result in an under or
overstatement of the general ledger.
Absence of review can act as deterrent for management
Normal Yes High a
confidence in number reported.

Changes in final value of General ledger will lead to

Normal No Low a
incomplete accounting of financials.

Changes in final value of General ledger will lead to

Normal No Medium a a
incomplete accounting of financials.

Non-existent receivables brought forward in Financials Significant No High a a

Depreciation charged at Higher or Lower Rates Normal No Low a

Sale of Fixed Assets - Profit / Loss on sale of fixed

Significant No High a a
assets not duly calculated ; GST not discharged

Physical verification and valuation of inventory Significant Yes High a a a

Provision for Gratuity Normal No Low a a

Inventory balances not matching with Physical

Significant Yes High a a a a
Inventory

Input Tax Credit is NOT eligible to be claimed in GST Normal No Medium a a

Returns since Supplier has NOT uploaded invoices in
GSTR 1 or Supplier has filed GSTR 1 with a delay
 Presentation & Disclosure
Rights & Obligations
Valuation

Control Activity
Control Description Type (Preventive/
Detective)

Entry in ERP is based on manual matching of the invoice,GRN, and

Preventive
purchase order (3 way match).

Commencement of Commercial Production Certificate is obtained form

Production Team along with Production Report and copy of Sales
Preventive
Invoice within a reasonable period from Date of Commencment of
Commercial Production is verified

Nature of expenditure is fixed in the system at the time of Purchase

Order itself and verified by Finance Team. Invoice booking against
a Preventive
Purchase Order ensures correct accounting of Expenditure as Revenue
or Capital
Deposit payment to parties are grouped to a separate ledger and not
grouped to Accounts Payable GL. Payment entries are always made
a against particular invoices and any adhoc payments shall be reviewed by Preventive
GM Finance as to the exact nature of payment before authorising the
transaction for posting in GL

All the bank accounts recorded in ERP master are automatically mapped
a Preventive
in the trial balance generated from the ERP.

Periodic bank statements are obtained from the Banks to ensure that all
a bank accounts are recorded in the books. Detective

The Accounts team prepares daily bank reconciliation statements, which

a are reviewed and approved by the GM - Finance and significant Detective
/unusual /old reconciling items are resolved in a timely manner.

Idle / Unused bank accounts are reviewed by CIO on a yearly basis and
Detective
actions for closure are initiated after the board resolution.

Bank confirmation (for investments, borrowings, loans, corporate

guarantee, ICD's) is obtained on a quarterly basis and the same is
Detective
reconcilled with ERP by Finance Team and the same is reveiwed by
CIO
 The cash book generated is mapped to the General Ledger in ERP
system. Recorded cash balances are compared to physical cash available
Preventive
on daily basis by Sr.Accountant and differences identified are
investigated and resolved timely and approved by AGM Finance

Addition to new payees in online banking system is done with required

a Preventive
approval of CIO

Authority to approve E-banking transactions for statutory payments

(income tax, customs duty, Excise and Service tax) and other payments
a is restricted to authorized signatories as per the board resolution. All E- Preventive
banking payments (RTGS/NEFT) are processed by Accounts Assistant
and the same is verified by CIO as authorised by board resolution

All cheques / e- payments are approved / signed by authorized

a Preventive
signatories as approved by the board resolutions.

Compliance Chart is maintained and reviewed by GM Finance on a

a monthly basis. At the beginning of the month, GM Finance lays down Preventive
responsibilities to various Team members to ensure Timely Compliance

Calculations made for GST are reviewed by AGM Finance before filing
Preventive
of GST Returns

Closing Tax GL Matching with GST Portal balances is reviewed by GM

Preventive
Finance before filing of GST Returns

Transactions for which reverse charge is applicable is mapped in the

system and also regular training is given to Accounts Team for
Preventive
identification and proper booking of Reverse Charge Liability at the
time of Invoice booking process itself

TDS Return prepared is reviewed by AGM Finance before filing Preventive

Transactions for which TDS is applicable is mapped in the system and

also regular training is given to Accounts Team for identification and
Preventive
proper booking of TDS Liability at the time of Invoice booking process
or payment of advance itself

Form 26AS is reconciled with books of accounts. Quarterly statement of

account is obtained from Customers to ensure all TDS deducted are Preventive
reflected in Form 26AS and matched with GL

Advance Tax is estimated based on profits upto completed period and

Preventive
projected based on seasonal demands

Documents required for Charge Creation, Modification or Satisfaction

a are submitted to Company Secretary within 7 days of the event and duly Preventive
filed Acknowledgement is obtained within a further period of 7 days
 Company Secretary is appointed and Secretarial Audit Report is filed
a Preventive
within the due date provided for in law

Cash payments beyond Rs.10,000 are NOT disbursed by the Cash

Officer and Cash receipts from customers except Retail Sales are always Preventive
through Banking channels

GM Finance submits the CSR Amount to be spent to the Management

Preventive
in the Board Meetings and the Action Plan is drawn

ERP restricts authorized personnel the ability to create, change, or delete

GL Chart of Accounts Master Records among users of MMD.
1. Creation of new accounting code:
Requestor needs to get the approval from GM - Finance regarding
creation of new GL. Account created by EDP personnel and the same is
a reviewed by GM Finance. Preventive
Final GL account is being appraised by GM Finance.

2. Changing/Deleting the ledgers:

There is no option to change or delete the ledger accounts created in
ERP by users.

All ledger grouping are reviewed on a yearly basis for correct reporting
a Detective
in Financial Statement

For every new bank account opening, the Finance team provides
requests for opening a bank account to board through CIO.
a Preventive
Bank accounts are opened only based on approval of the authorized
signatories as per Board Resolution.
List of authorized signatories to open bank accounts/ authorize bank
a transactions is approved by the Board and is maintained by Company Preventive
Secretary.
Review /Reconciliation between the list of signatories as per bank
a records and the list of signatories available with Company Secretary is Detective
done yearly once to ensure on-going pertinence.

The Finance Team sends the authorized list of personnel approved by

a Preventive
board to the banks based on any specific requirment.

Accounting periods are closed on a monthly basis after the book closure
a and posting to prior periods is restricted in ERP. Once the period is Preventive
closed, the entries get locked automatically and cannot be edited.

Audit entries are recorded by Accounts Team and reviewed by GM

Preventive
Finance.

Accounting policies and procedures, standard chart of accounts and

a related guidance are appropriately created and updated on a requirement Preventive
basis.

Access to post Accounting entries are restricted to account users in ERP

a Preventive
and posted transactions are reviewed and approved by AGM Finance.
 Workings / Calculation used for accruals, Prepaid expenses,
a Outstanding Liabilities, etc. done by Accounts Team and reviewed by Preventive
AGM Finance.

Monthly carry forward of GL balances is automated in ERP and yearly

a Preventive
carry forward has to be triggered by the IT team.

Monthly Variance Analysis Sheet (Budgeted vs Actual) is prepared by

GM Finance and variances are discussed with CEO, necessary entries
a Preventive
will be passed in subsequent month.

Balances are reconciled with counter-party statement and the differences

a Detective
are written off with due approval from Management

Depreciation is calculated by the ERP automatically based on the useful

a Preventive
life of the asset, salvage value which are entered as provided for in law

Profit/Loss on each fixed asset to be computed by the ERP based on

cost and accumulated depreciation; Sale of Fixed Assets to be routed
a Preventive
through a separate transaction type similar to regular sales invoice and
GST shall be auto-calculated based on the type of asset

Physical verification of inventory is being conducted on monthly basis

and differences if any are investigated and due impact is given for the
a a Preventive
quantity in the ERP; Valuation of inventory is reviewed on systematic
sampling method on monthly basis

Actuarial report is obtained and the provision is accounted for on yearly

Preventive
basis

a a

GSTR 2B reconciliation has to be made at Invoice level on Monthly

basis and payment to the supplier should only be based on invoices Preventive
reflected in GSTR 2B
 IT Nature (IT
Control Nature
Dependent/Non IT- Frequency
(Manual/Automated)
Dependent)

Manual Non IT-Dependent Event Driven

Manual Non IT-Dependent Event Driven

Manual IT Dependent Event Driven

Manual Non IT-Dependent Event Driven

Automated IT Dependent Event Driven

Manual Non IT-Dependent Monthly

Manual Non IT-Dependent Monthly

Manual Non IT-Dependent Yearly

Manual Non IT-Dependent Quarterly

Automated Non IT-Dependent Event Driven

Manual Non IT-Dependent Event Driven

Automated Non IT-Dependent Event Driven

Manual Non IT-Dependent Event Driven

Manual Non IT-Dependent Monthly

Manual Non IT-Dependent Monthly

Manual Non IT-Dependent Monthly

Manual Non IT-Dependent Event Driven

Manual Non IT-Dependent Quarterly

Manual Non IT-Dependent Event Driven

Manual Non IT-Dependent Event Driven

Manual Non IT-Dependent Quarterly

Manual Non IT-Dependent Event Driven

 Manual Non IT-Dependent Yearly

Manual Non IT-Dependent Event Driven

Manual Non IT-Dependent Event Driven

Manual IT Dependent Event Driven

Manual Non IT-Dependent Yearly

Manual Non IT-Dependent Event Driven

Manual Non IT-Dependent Event Driven

Manual Non IT-Dependent Yearly

Manual Non IT-Dependent Event Driven

Automated IT Dependent Monthly

Manual Non IT-Dependent Yearly

Manual Non IT-Dependent Event Driven

Manual IT Dependent Transaction level

 Manual Non IT-Dependent Monthly

Automated IT Dependent Monthly

Manual Non IT-Dependent Monthly

Manual Non IT-Dependent Quarterly

Automated IT Dependent Quarterly

Automated IT Dependent Event Driven

Manual Non IT-Dependent Monthly

Manual Non IT-Dependent Yearly

Manual Non IT-Dependent Monthly

 Statutory Auditor

Results of Design
(No Exceptions
Process GAPS and
Control Owner Process Owner Noted /
enhancements
Exceptions
Noted)

GM Finance Accounts Team

GM Finance Production Head

AGM Finance Purchase Head

GM Finance Accounts Team

Head - IT Treasury Team

AGM Finance Accounts Team

GM Finance Accounts Team

CIO GM - Finance

CIO GM - Finance
AGM Finance Cash Officer

CIO AGM Finance

CIO AGM Finance

CIO AGM Finance

GM Finance Accounts Team

AGM Finance Accounts Team

GM Finance AGM Finance

AGM Finance Accounts Team

AGM Finance Accounts Team

AGM Finance Accounts Team

AGM Finance Accounts Team

GM Finance AGM Finance

CIO GM Finance
Board of Directors GM Finance

GM Finance Cash Officer

Board of Directors GM Finance

Head - IT GM - Finance

GM Finance AGM Finance

CIO GM - Finance

CIO GM - Finance

CIO GM - Finance

CIO Accounts Team

Head - IT GM - Finance

GM Finance Accounts Team

Head - IT GM - Finance

AGM Finance Accounts Team

AGM Finance Accounts Team

Head - IT GM Finance

CEO GM Finance

GM Finance AGM Finance

Head - IT GM Finance

Head - IT GM Finance

AGM Finance Stores

GM Finance AGM Finance

AGM Finance Accounts Team

 Internal Auditor

Remarks Annexure

No major discrepancy noted

Asset capitalized before ready

to use. For.E.g.Purchase of
Annexure- 1
stone, bricks, steel capitalized
when it Purchased.

Point No.4 in IA report Annexure- 2

No major discrepancy noted.

No major discrepancy noted

No major discrepancy noted

No major discrepancy noted

No major discrepancy noted

Some banks give Excel sheet

some banks gives PDF on
which Designated officer
signature not available,
 Point No.8 in IA report

No major discrepancy noted

No major discrepancy noted

No major discrepancy noted

Annexure- 5 &
Separate
Point No.41 - 48 of IA report
working file
attached

Now reviewd by DGM.

Previously not reviewed.

GST portal balance not

matched with books balance.
Annexure- 6
Entries given by Internal
auditors

No RCM ledger Annexure- 7

No checking has been done.

List of Non deduction of TDS

deduction parties available in Annexure- 8
TDS payable folder.

26AS Not matched with books.

TDS receivable matching
Annexure- 9
workings is in TDS receivable
Folder.

Point.No.45 in IA report Annexure- 10

No charge document
available in the hands of
MMD. All charge creation,
modification done by HDFC
bank.
 Point No.1 in IA report

Point No.8 in IA report Annexure- 11

Point No.17 in IA report Annexure- 12

No major discrepancy noted

Eg: Interbranch Purchase

(Branch to HO) GST amount
grouped in CGST/SGST
receivable-TN Annexure- 13

No major discrepancy noted

No major discrepancy noted

No major discrepancy noted

No major discrepancy noted

Prior period entries yet to be

Annexure- 14
restricted.

Statutory audit entries

No major discrepancy noted

No major discrepancy noted

 No prepaid entries Annexure- 15

After completion of statutory

audit also, closing balace of
Annexure- 16
previous F.Y not carry forward
to current Year

No budget in MMD

Wriiten off entries

Manual depreciation entry has
Annexure- 17
been posted via Jounal entry

As per book, sales entry

rcorderd as follows- Sales is
credited and debtors is debited.
Annexure- 18
No plant and machinery
credited and no accumulated
depreciation has been booked

ERP issues. Rs.5,187 crores

diff

After Acturial valuation only

the Gratuity has been
accounted. But actuarial report
received before end of the F.Y.

ERP issues. Rs.5,187 crores

diff

No GSTR-2B reconciliation
MILKY MIST DAIRY FOOD PRIVATE LIMITED
COSO Principles
Internal Control Component

Control environment

Risk assessment

Control activities

Information and communication

Monitoring
DAIRY FOOD PRIVATE LIMITED

COSO Principle No.

Demonstrate commitment to integrity and ethical values 1
Ensure that board exercises oversight responsibility 2
Establish structures, reporting lines, authorities and responsibilities 3
Demonstrate commitment to a competent workforce 4
Hold people accountable 5
Specify appropriate objectives 6
Identify and analyze risks 7
Evaluate fraud risks 8
Identify and analyze changes that could significantly affect internal controls 9
Select and develop control activities that mitigate risks 10
Select and develop general controls over technology 11
Deploy control activities through policies and procedures 12
Use relevant, quality information to support the internal control function 13
Communicate internal control information internally 14
Communicate internal control information externally 15
Perform ongoing or periodic evaluations of internal controls (or a combination of the two 16
Communicate internal control deficiencies 17