An urgent query

kesha (...) (218 Points)

11 November 2012

Can someone please tell me the what all things are to be considered for an Audit of Shipping company .?

Thanks alot..

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Deepak Gupta (CA Student) (15922 Points)
Replied 12 November 2012

Originally posted by : kesha
	Can someone please tell me the what all things are to be considered for an Audit of Shipping company .? Thanks alot..

Few points for your reference:

1) Internal check and test for adequacy and efficiency.

2) Separate account kept for each voyage.

3) Expenses related to each voyage are properly charged to it.

3) Account credited with genuine amount of freight and passage money.

4) At the end of the voyage, ensure voyage account is credited with value of stores in hand and it is debited to succeeding voyage account.

5) All outstandings in respect of each voyage are reflected.

6) Insurance Premium applicable to each voyage is properly charged to such voyage account.

7) Separate ledger is maintained for each ship and adequate depreciation is written off during the year.

8) How foreign exchange transactions have been dealt.

9) Insurance fund kept properly and investment in securities.

10) Scrutinize the capital expenditure and see that repairs and renewals are charged to revenue.

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