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
3 Shareholding list on date of balancesheet
dividend and to be removed else Tax 30 % to be paid us 115O

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
Rounding off to Lakhs, disclosure of
promoter shareholding, ageing of trade
7 Schedule III amendments for all companies
receivable and payable & other pts as
per amendment PPT on website

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

Latest AIS & 26AS to be downloaded and all incomes, tds and other transactions
10 AIS
appearing in AIS to be tallied with books

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

15 ICDS checking. Also, all old creditors to be removed from books to save from 43B

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 parties for 269SS, TDS payable ledger,
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
22 Sundry Debtors grouping to be taken for all companies as per schedule III requirements 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 - 2 % or average taxable business income of last 3 yrs
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 purchase above rs 50
29
lac, 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
New format of caro from 31/3/22 to all co to whom caro is applicable and cash flow for all
32
companies other than small companies
33 New format of Independent auditors report from 31/3/22 to be used
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
36 Check Genuineness of business transactions

Name & Sign

Name of the company

FY

Date Account Amt

Query Status Of Query
Limit Rs 10 cr if cash receipt is less than 5 % of total receipts & cash payment is less than 5 % of total expenses including purch

Turnover

Cash receipts as per cash book

Cash receipts as a % of total receipts

Cash payments as per cash book

Cash payment as a % of total expenses including purchase
total expenses including purchases
Expensewise TDS checking format

Expense Head Name of Party Total Amt Paid TDS to be Deducted

Rs
TDS Deducted Shortfall
Rs Rs
1170
26AS RECO

PARTY NAME SECTION INCOME S PER 26AS INCOME AS PER BOOKS

194A
194C
194IA
194J
194H
TDS AS PER 26AS TDS AS PER BOOKS REMARKS
USEFUL LIFE AS PER SCHEDULE II

TYPE OF ASSET USEFUL LIFE Dep Rates %

[Years] [100 - 5] / Useful lives

Office Building 30 3.17

Factory Building 30 3.17

Wall, Temporary Building 3 31.67

Plant & Machinery - single shift 15 6.33

Plant & Machinery - Continous Process plant 11.88

Furniture & Fittings 10 9.50

Two Wheelers 10 9.50

Car / Bus / Lorry used for Hiring Business 6 15.83

Car / Bus / Lorry used for Other than hiring 8 11.88

Office Equipment 5 19.00

Computer and Software 3 31.67

Electric Installations 10 9.50

Intangible assets [website, patent etc] 5 20.00