Statutory Audit

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Dhanraj (Querist)
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11 April 2009 Respected Experts

Could you please give me idea about what are normal audit steps of a company (private)? In other words, How should we start it and where should we end it?

Please guide.

Thank you.

CA CS CMA Srinivasan N

CA CS CMA Srinivasan N (Expert)
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11 April 2009 Dhanraj, Statutory Audit requires the following basic steps..however it needs to be planned based on the Company and Business..
1) Know the Business and understand Company profile
2) Make out an Audit Plan and Audit Programme. Obtain management representation letters.
3) Compile the PY working papers for reference
4) Approach the Audit based on the Internal Control Assessment and adopt Test or detail Method as required
5) Ensure that all processes are covered and links are established to the final TB numbers
6) Complete mandatory statutory verifications like Cash,Stock, STatutory registers etc
7) Prepare Points for discussions with Management
8) Obtain the satisfactory explanations and arrange for finalisation
9) Finally Reporting and working paper check

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