Audit Program

pawan , Last updated: 08 October 2020  
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AUDIT PROGRAMME
       
NAME OF CONCERN      
FINANCIAL YEAR     
ASSESSMENT YEAR      
PERSONS TO WHOM THE AUDIT IS ASSIGNED     
       
       
S.NO PARTICULARS ASSESSMENT YEAR
    DATE VERIFIED
       
       
       
1 OPENING BALANCES    
  *LEDGERS    
  *CASH BOOKS    
  *PETTY CASH BOOKS    
  *BANK BOOKS    
  *STOCK REGISTERS    
  *EXCISE RECORDS    
       
2 CASH BOOK (INCLUDING PETTY CASH)    
  * IF VOUCHING IS DONE ON TEST BASIS THEN MENTIONED THE BASIS     
  OF SAMPLE TAKEN    
  *VOUCHING OF RECEIPTS    
  *VOUCHING OF PAYMENTS    
  *VOUCHING OF CONTRA ENTRIES WAS CASH RECEIVED FROM BANK    
  ENTERED IN CASH BOOK ON THE SAME DAY AS WITHDRAWN FROM BANK    
  STATEMENTS    
  *WHETHER ANY CASH PAYMENT WAS MADE FOR EXPENSES IN EXCESS  OF    
  Rs 20000.00 IN A SINGLE DAY TO A SINGLE  PERSON    
  *WAS CASH BALANCES NEGATIVE AT ANY TIME    
  *ARE ALL VOUCHERS ENTERED UNDER CORRECT ACCOUNTING HEADS    
  *ARE ALL VOUCHERS ARE RELATED TO THE AUDIT YEAR    
  *ARE ALL VOUCHERS ARE RELATED TO THE CONCERN    
  *IS REVENUE STAMPS OF RS 1 AFFIXED ON A PAYMENT EXCEEDING Rs 5000    
  *WHETHER THERE IS INTERNAL CONTROL ON CASH HANDLING , ACCOUNTING    
  AND MANAGEMENT    
  *ARE ALL CASH VOUCHERS AUTHORISED    
  * WHETHER THERE IS PERSONEAL EXPENSES ENTERED IN CASH BOOK    
  *TOTALLING (NO NEED IF COMPUTERISED)    
  *POSTING (NO NEED IF COMPUTERISED)    
       
3 BANK BOOK    
  * IF VOUCHING IS DONE ON TEST BASIS THEN MENTIONED THE BASIS     
  *VOUCHING OF RECEIPTS    
  *VOUCHING OF PAYMENTS    
  *VOUCHING OF CONTRA ENTRIES WAS CASH DEPOSIT IN BANK    
  ENTERED IN CASH BOOK ON THE SAME DAY AS DEPOSITED AS PER BANK    
  STATEMENTS    
  *ARE ALL VOUCHERS ENTERED UNDER CORRECT ACCOUNTING HEADS    
  *ARE ALL VOUCHERS ARE RELATED TO THE AUDIT YEAR    
  *ARE ALL VOUCHERS ARE RELATED TO THE CONCERN    
  * VERIFICATION OF BANK RECONCILIATION STATEMENTS    
  *ARE THERE ANY CHEQUE PENDING CLEARANCE FOR MORE THAN 6 MONTHS    
  IN THE BANK RECONCIALIATION STATEMENTS    
  *IS REVENUE STAMP OF RS 1 AFFIXED IN PAYMENT EXCEEDING Rs 5000.00    
       
       
       
  *WHETHER THERE IS INTERNAL CONTROL ON  ACCOUNTING    
  AND MANAGEMENT OF BANK TRANSACTION    
  *ARE ALL BANK VOUCHERS AUTHORISED    
  * WHETHER THERE IS PERSONEAL EXPENSES ENTERED IN BANK BOOK    
  *TOTALLING (NO NEED IF COMPUTERISED)    
  *POSTING (NO NEED IF COMPUTERISED)    
       
4 PURCHASES    
  *IF VOUCHING IS DONE ON THE TEST BASIS THEN MENTIONED THE BASIS     
   OF SAMPLE TAKEN    
  *VOUCHING WITH PURCHASE INVOICE    
  *VERIFICATION OF FEW BILLS IN-DEPTH    
  *ARE PURCHASES MADE BY THE CONCERN ANY WAY RELATES TO BUSINESS    
   OF THE FIRM AND IF NOT ASK REASON FOR IT?    
  *WHETHER MODVAT AND / OR VAT ON PURCHASES IS PROPERLY ACCOUNTED    
   IF CREDIT IS AVAILABLE THEN THE SAME MUST BE DEBITED AS ADVANCES TO    
   THE CONCERNED AUTHORITIES AND.    
   IF NOT THE ABOVE CAN BE ADDED TO COST OF PURCHASE.    
  *ARE PURCHASES RELATED TO THE YEAR UNDER AUDIT?    
  *ARE PURCHASES RELATED TO THE CONCERN BEING AUDITED?    
  *ARE PURCHASES RETURNES ARE RELATED TO THE PURCHASE MADE DURING     
   THE YEAR UNDER AUDIT    
  *ARE PURCHASES ENTERED UNDER APPROPIATE HEAD I.e, RAW MATERIAL,    
   CONSUMABLES STORES,ETC?    
  *ARE PURCHASES TALLYING WITH RETURNES FILED WITH VAT / SALES TAX     
   DEPARTMENT    
  *INTERNAL CONTROLS ON PROCURMENT,ACCOUNTING AND PAYMENT FOR     
   PURCHASE    
  *TOTALLING(NOT NEEDED IF COMPUTERISED)    
  *POSTING(NOT NEEDED IF COMPUTERISED)    
  *OBTAIN THE PARTY CONFIRMATION LEETER    
5 SALES / REVENUE    
  *IF VOUCHING IS DONE ON THE TEST BASIS THEN MENTIONED THE BASIS     
   OF SAMPLE TAKEN    
  *VOUCHING WITH SALES INVOICE    
  *VERIFICATION OF FEW BILLS IN-DEPTH    
  *WHETHER MODVAT AND / OR VAT ON SALES ARE PROPERLY ACCOUNTED    
  *ARE SALES RELATED TO THE YEAR UNDER AUDIT?    
  *ARE SALES RELATED TO THE CONCERN BEING AUDITED?    
  *ARE SALES RETURNES ARE RELATED TO THE SALES MADE DURING     
   THE YEAR UNDER AUDIT    
  *ARE SALES TALLYING WITH RETURNES FILED WITH VAT / SALES TAX     
   DEPARTMENT    
  *ARE OTHER REVENUES ARE TALLYING WITH RETURNES SUBMITTED WITH     
   THEIR RELATING AUTHORITIES    
  *ARE SALES BILLS IN SERIAL NUMBER,ARE ORIGINAL COPY OF CANCELLED     
   BILLS WITH THE CONCERN?    
  *INTERNAL CONTROLS ON PROCURMENT,ACCOUNTING AND PAYMENT FOR     
   PURCHASE    
  *CHECKING THE QUANTITY.    
  *TRACING THE CASH MEMO/DAILY CASH RECEIPTS IN CASHBOOK.    
  *TOTALLING(NOT NEEDED IF COMPUTERISED)    
  *POSTING(NOT NEEDED IF COMPUTERISED)    
  *OBTAIN THE PARTY CONFIRMATION LEETER    
6 JOURNAL    
  *IF VOUCHING IS DONE ON THE TEST BASIS THEN MENTIONED THE BASIS     
   OF SAMPLE TAKEN(NATURE AND THE REASON SHALL ALSO BE CHECKED)    
  *ENSURE PROPER DISTINCTION BETWEEN REVENUE AND CAPITAL NATURE ITEM    
       
       
       
  *POSTING(NOT NEEDED IF COMPUTERISED)    
7 SALARY & WAGES    
  *IF VOUCHING IS DONE ON THE TEST BASIS THEN MENTIONED THE BASIS     
   OF SAMPLE TAKEN.VERIFYING CALCULATIONS WITH DAILY ATTENDENCE    
  *VERIFYING AMOUNT DUE WITH APPOINTMENT LETTERS    
  *VERIFYING AMOUNT PAID BY SALARY / WAGES REGISTER WITH CORRESPONDIG    
   LEDGER A/C    
  *VERIFYING RECONCILATION OF SALARY & WAGES PAYABLE    
  *VERIFYING RECONCILATION OF BONUS GRATUITY & LEAVE ENCASHMENT     
   PAYABLE    
  *CHECKING TOTALS & CASTING,CASHBOOK FOR RECEIPTS,PAYMENTS &     
   DEDUCTIONS    
  *TEST CHECK CALCULATION    
  *CHECKING CONTRACTS  RESOLUTIONS FOR PAYMENTS OF DIRECTORS,    
    EXECUTIVES,ETC.,WITH VOUCHER    
  *CHECKING THAT ALL WAGES  & SALARY SHEET & PAYMENT VOUCHERS ARE     
   PROPERLY AUTHORISED    
8 STOCK REGISTERS    
  *IF VOUCHING IS DONE ON THE TEST BASIS THEN MENTIONED THE BASIS     
   OF SAMPLE TAKEN    
  *VERIFICATION OF INWARDS    
  *VERIFICATION OF OUTWARDS    
  *BALANCING(IS ANY STOCK NEGATIVE ON ANY DAY)    
  *VERIFICATION OF VALUATION AT THE YEAR END    
  *VERIFICATION OF CLOSING STOCK WITH EXCISE REGISTERS(RG-1,RG-23 & PLA)    
   IF ANY    
  *ARE SALES RETURNES  DULY ENTERED ?    
  *IS THERE PROPER RECORD FOR MATRIAL SENT & RECEIVED FOR PROCESSING?    
  *ARE STOCKS TALLYING WITH STOCK STATEMENTS SUBMITTED TO BANKS,FIS ETC.     
  *CHECKING CLOSING STOCK WITH INVENTORY STATUS & VALUATION    
9 STATUTORY DUES    
  *CHECK LATEST INCOME TAX ORDERS    
  *CHECK LATEST SALES TAX / VAT ORDERS & ORDER PASSED DURING THE YEAR    
  *CHECK EXCISE AND COSTOMS RECORDS AND AUDITS CONDUCTED BY THE DEP-    
   -ARTMENT,IF ANY    
  *ARE THERE ANY DEFAULTS IN ESI DUES ?    
  *ARE THERE ANY DEFAULTS IN PF DUES ?    
  *IS SERVICE TAX PAID IN TIME & ITS RETURN FILED IN TIME ?    
  *TDS DEPOSITED IN TIME & QUARTERLY STATEMENTS FILED IN TIME ALSO CHECK     
   CHALLANS?    
  *ARE TDS CERTIFICATES ISSUED IN TIME ?    
  *ARE TDS CERTIFICATES (DEDUCTED BY OTHER FOR THE CONCERN BEING AUDITED)    
   TALLYING WITH RELEVANT INCOME FOR THE YEAR    
  *IS ROC RETURNES & DOCUMENTS FILED IN TIME ? IS FILING FEES ACCOUNTED FOR     
   IN THE BOOKS ?    
  *IS WEALTH TAX APPLICABLE? IF YES NECESSARY PROVISIONS,PAYMENTS AND     
   RETURNES ARE MADE    
  *IS AMOUNT OF ADVANCE TAX IS TALLYING WITH CHALLANS?    
10 SHARE CAPITAL & RESERVES    
  *IS CERTIFICATE OBTAINED THAT BALANCES OF SHARE CAPITAL REGISTER AGREE     
   WITH THE ISSUED CAPITAL AS PER BALANCE SHEET?    
  *IS DISTINCTION MADE FOR SHARES SUBSCRIBED IN CASH OR FOR CONSIDERATION    
   OTHER THAN CASH?    
  *IS DISTINCTION MADE FOR REVENUE RESERVES & CAPITAL RESERVES    
  *IS THERE A DEFAULT BY ANY DIRECTOR IN PAYMENT OF CALLS OR ALLOTMENT     
   MONEY    
  *WEATHER PROPER RETURNE OF ALLOTMENT HAS BEEN FIELD WITH ROC.    
  *CHECK MINUTE BOOK TO SEE THE RELEVANT DECISION AFFECTING SHARE     
       
       
       
   CAPITAL AND R&S    
  *IS THERE A MAJOR CHANGE IN SHARE HOLDING? IF YES HAVE THE COPY OF    
   CHANGE OBTAINED    
11 FIXED ASSETS    
  *PHYSICALLY  VERIFICATION OF THE ASSETS    
  *VERIFICATION OF BILLS FOR ADDITIONS DURING THE YEAR    
  *VERIFICATION OF DEPRICIATION CHARGED    
  *IF IN ANY OTHER CURRENCY,TRANSLSTE INTO RUPEES AND HANDLED THE     
   THE DIFFERENCE IN FOREIGN CURRENCY TRANSLATION.    
  *VERIFY THE MORTGAGE DEED, TITLE DEED FOR LEGAL,EQUITABLE MORTGAGE ETC    
  *VERIFY MINUTE BOOKS,RESOLUTIONS ETC.TO CHECK WEATHER THERE IS PROPER    
   AUTHORISATION FOR PURCHASE OR SALE OF PLANT AND MACHINERY    
12 VERIFYING PROVISIONS FOR    
  *POWER & ELECTRICITY FOR THE LAST MONTH OF THE FINANCIAL YEAR    
  *CELLULAR & TELEPHONE FOR THE LAST MONTH OF THE FINANCIAL YEAR    
  *SALARY OR WAGES OR OTHER PAYMENT DUE TO THE EMPLOYEES FOR THE LAST     
   MONTH OF     
  *INSURANCE & AMC PREPAID    
  *OTHER PROVISIONS SUCH AS STAFF WELFARE,VAT/SALES TAX PAYBLE, SERVICE     
  TAX PAYBLE, INCOME TAX PAYBLE,WEALTH TAX PAYBLE    
       
13 FINAL CLOSING BALANCES    
  *CHECKING OF FINAL BALANCES OF LEDGERS, CASH BOOK, BANK BOOK ETC, WITH     
  BALANCE SHEETS,PROFIT & LOSS ACCOUNTS    
  *COMPARING ACOUNT HEAD BALANCES WITH PREVIOUS YEAR AND HAVING ANSWER    
  FOR MAJOR VARIATIONS    
  * RATIO ANALYSIS    
  *CHECKING OF RATIOS & COMPARING WITH PREVIOUS YEARS FIGURES REGARDING    
  1 G.P. RATIO    
  2 N.P. RATIO    
  3 MATERIAL CONSUMED RATIO    
  4 STOCK IN TRADE RATIO    
  5 DEBT EQUITY RATIO    
  6 CURRENT RATIO    
       
14 INTERNAL CONTROL SYSTEM     
  * IS THE SYSTEM IN PLACE TO PREVENT OR DETECT FRAUD    
  *WHETHER THERE ARE PARTICULARLY INDENTIFIED ANY SERIOUS WEAKNESSES    
  THE SYSTEM OF INTERNAL CONTROL    
  *NATURE, FREQUINCY & EXTENT OF MANMAGEMENT'S ASSESSMENTS OF SUCH RISK    
  TEST OF CONTROL BY KNOWING WHO ACTUALLY PERFORMS THE VFUNCTIONS     
  RATHER THAN WHO SHOULD PERFORM    
  * WHETHER FRAUD RISK FACTOR EXIST    
       
16 SCRUTINY OF    
  * GENERAL LEDGER    
  * PARTY LEDGER    
  * INVEWNTORIES (QTY & VALUE)    
       
17 RELIANCE ON THE WORK OF OTHER AUDITOR OR EXPERTS    
  *REVIEW OF WORK DONE BY AN OUTSIDE EXPERT / SERVICE PROVIDER    
  *INTERNAL AUDIT REPORT IF ANY    
  * REPORT OF OTHER AUDITORS IF ANY    
       
18 EXTERNAL CONFIMATIONS    
  *WHETHER THE EVIDENCE OR CONFIRMATIONS OF THE LEDGERS BALANCES HAS    
  BEEN OBTAINED FROM OUT SIDE PARTIES    
       
       
       
       
19 MISCELLANEOUS    
  *REVIEW EVENTS AFTER THE BALANCE SHEET DATE    
  * REVIEW THE TERMS OF DEBENTURES & LOAN AGREEMENT AND DETERMINE    
  WHETHER ANY HAS BEEN BREACHED    
  * READ THE MINUTES OF THE MEETINGS    
  * CONSIDERED ENTITY'S POSITIONS CONCERNING UNFULFILLED CUSTOMER ORDER    
  *DISCLOSURE OF NON RECURRING OR UNUSUAL ITEM OF INCOME & EXPENDITURE    
  *DISCLOSURE OF MATTERS REQUIRED BY LAW OR INTERNATIONAL ACCOUNTING     
  STANDARDS    
  *WHETHER ACCOUNTING ESTIMATES IS REASONABLE & DISCLOSED IN THE FINANCIAL     
  STATEMENTS    
  * WHETHER ANY EVIDENCE IS CONTRADICTORY WITH THE REPRESENTATION OF    
  THE MANAGEMENTS    
  * WHETHER ANY TRANSACTION IS PREJUDICIAL TO THE INTEREST OF THE COMPANY    
       
20 FINAL FINANCIAL STATEMENTS    
  *CHECKING OF TOTAL OF SCEDULES & DETAILS &TALLYING WITH RELEVANT     
  SCHEDULES OF FINANCIAL STATEMENTS    
  *IS DISCLOSURE OF MATTERS REQUIRED BY LAW OR RELEVANT ACCOUNTING     
  STANDARDS    
  *WHETHER ALL THE EVENTS UP TO THE DATE OF AUDITORS REPORT THAT MAY     
  REQUIRE ADJUSTMENT OF OR DISCLOSURE IN THE FINANCIAL STATEMENTS HAVE    
  BEEN IDENTIFIED    
  * VERIFYING CONFIRMATIONS, LETTERS & CERTIFICATES    
  * COPARING FIGURES OF THE CURRENT YEARS WITH THE FIGURES OF THE PREVIOUS    
  YEAR    
  * CHECKING ITEM OF BALANCE SHEETS SUPPORTING STATEMENTS    
  * VERIFICATIONS OF PRESENTATION OF FINANCIAL STATEMENTS AS PER RELEVANT    
  LAW Example FOR COMPANIES SCHEDULE VI OF COMPANIES ACT    
  *VERIFYING COMPUTATION OF TAXABLE INCOME    
  *DRAFTING OF AUDITORS REPORT    
       
21 CONCLUSIONS    
  * REVIEW OF WORK PERFORMED BY EACH ASSISTANTS    
  * QUARIES RESOLVED BY SENIORS / PARTNERS    
  * FINALISED BY (NAME OF PERSON)    
  * FINALISED ON (DATE)    
  *SIGNED ON    
       
       
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