Audit Plan Cum Guidelines

Name of Company : FY:

Documentation to be collected - in
Sr No Particulars
Soft Copy
CHECK NAME OF AUDITOR'S FIRM IS AS PER ADT-1 FILED FOR THE COMPANY IN Applicable only to Companies-Copy of
1
ROC Records ADT-1 to be held in audit file
Purchase register to be verified with purchase bills.- Sample 10% only - SAME FOR
2
SALES
For all companies, advances to shareholders with more than 10 % holding is deemed Shareholding list on date of
3
dividend and to be removed else Tax 30 % to be paid us 115O balancesheet

Cash register to be verified with supportings. Expense in cash not to exceed Rs. 10000
4 and other transactions not to exceed Rs. 2 lac. No addition in fixed assets in cash above
rs. 10000 - else depreciation not allowed in IT rules

Bank Book to be verified with monthly bank statement and BRS. In BRS, no cheque
5 BRS and Bank Statement for March 31st
should be oustanding for over 3 months, else get it reversed.
loans taken from financial institutions to be verified with statement from bank. Proper
Bank Statement / repayment schedule
6 interest entry are done or not should be verified, TDS on interest and processing fees to
for all banks / nbfcs for March 31st
be checked for NBFCs

7 From F Y 18-19 onwards, LTCG on shares / MF is taxable - check working for indexation LTCG working

Profit & Loss Account to be scrutinised in detail from TDS point of view and capital exps Expensewise TDS checking format to be
8
point of view. IF not deducted to be reported in 3cd. prepared

ROC Master and List of directors from

9 Share Capital to be verified online from MCA-21 website and list of directors
ROC site

Form 26AS, TDS receivable ledger and

TDS Recievable to be verified with form 26 AS, and if any TDS recievable is not
10 ledger of related incomes or parties to
recorded in books - to be recorded and related income to be booked.
check whether income is booked or not

All the Statutory liabilities appearing in Balance Sheet to be verified with challans - GST, Copy of challans for amount outstanding
11
TDS, etc. in balancesheet on 31st march

12 Opening Balances to be verified with previously signed Audited Balancesheet last year audit report and 3cd
Depriciation on Fixed Assets is provided in books as per Companies Act - Schedule II for
Companies & for rest as per I.T Act - verify with depreciation chart. All Additions in
13 Ledgers of all fixed assets
fixed assets to be verified with bills. Dep as per IT maximum rate is 40 % from fy
17-18
STI of earlier year, ledger of Income tax
Statement Of Income to be verified for actual income tax liability as per STI recorded in
14 provision, TDS receivable and advance
books. And proper transfer entry done of Advance Tax & TDS Receivable.
tax

Check whether accounting has been done as per ICDS or not. Caro 2020 to be applied
15 with annexure A and B and Cash Flow statement to be prepared for all co other than
small co

16 Proper scrutiny of P & L A/c for grouping of expenses in Direct and Indirect Nature
Proper scrutiny of Balancesheet for grouping of Secured Loans, Unsecured Loans,
17 Creditors, Debtors, Investments, & Loans and advances as per exact nature of the
amount outstanding.

All ledgers for reporting in 3CD like

ledgers of all related parties to whom
payments done like salary, rent, interest
Proper scrutiny of previous years audit report, notes to account and tax audit report for
for 40A2, ledger of all unsecured loan
18 correct reporting in current years audit report, notes to accounts and tax audit. Check
parties for 269SS, TDS payable ledger,
names of related parties from zaubacorp.com
quantity detail, Copies of Sanction letter
of all Term Loans and CC limits to be
taken

Audit Fees Expense Account and Audit

19 Audit Fees Provision whether done or not - to be done with 10% rise over previous year.
fees Payable Account
In Companies, proper classification of assets & liab in current and noncurrent in final Bal
20
Sheet - Xl
Valuation statement duly certified by
21
Closing stock valuation management
Sundry Debtors grouping into more than one year,more than 6 mths and less than 6
22
months to be taken for all companies. Soft copy working

23
For all NBFC companies, 20 % of net profit to be transferred to special reserve u/s 45IC
CSR applicable for networth 500 cr, Turnover 1000 cr or net profit 5 cr - if any one
24
condition is met
GST control sheets generated from GST
25 portal showing comparison of 3b and 1
Sales / Gross receipts and Purchases to be tallied with GST returns AND GSTR3B and 2A.
Purchase and Expenses level Bifurcation of ITC Availed during the year for tax audit and
28
GST Audit reporting. Soft copy / hard copy
For Co with turnover above Rs 10 Cr in Prev Yr - for all clients with sale above rs 50 lac,
29
TCS to be collect @ 0.1%
30 All queries to be kept in audit file Soft copy / hard copy
31 Major events occuring after bs date like major loss, ipo etc to be reported in notes
32 New format of independent auditors report from 31/3/19
33 Check Genuineness of business transactions
34 Udin to be added in audit report & 3cd - same
ULO must not fall under definition of deposit as per rule 2 1 c of companies acceptance
35
of deposit rules 2014
Covid 19 impact - impairment loss to be provided in value of inventory, advances,
36 debtors etc. For listed companies, full disclosure to be given for impact on financials and
business of the company due to lockdown. Refer LODR circular and ICAI guidelines
available.
For companies - on face of BS - use Property Plant & Equipments for Fixed assets and
37
on face of PL - show face value of equity shares
38 Fixed assets to be renamed as Property, Plant and Equipment in Bal sheet and sch 10

Name & Sign

 Description Value (₹) Amount of Total ITC (₹) Amount of eligible ITC availed (₹)
Purchases
Freight / Carriage
Power and Fuel Costs
Imported goods (Including
received from SEZ)
Rent and Insurance
Expense
Goods lost, stolen,
destroyed, written off or
disposed of by way of gift
or free samples
Royalties

Employee's Cost (Salaries,

Wages, Bonus etc .)

Conveyance charges

Bank Charges

Entertainment charges

Stationery Expenses
(including postage etc.)

Repair and Maintenance

Other Miscellaneous
expenses

Capital goods

Any other expense 1

Any other expense 2

Total amount of eligible

0.00
ITC availed (A to Q)*

ITC claimed in Annual

Return (GSTR9)*
Un-reconciled ITC (S-R)* 0.00
Unregistered Dealers
Purchases