Can anyone please explain step by step with some examples how to audit Current Invesments and Non Current Investments of a company?
Regards
NAGASAI.K
(Article Assistant)
(193 Points)
Replied 15 August 2013
Audit of Investments:
Ritzz
(CA Final - Article )
(365 Points)
Replied 16 August 2013
Any other suggestions/explanations are most welcome!
Regards
Ritzz
(CA Final - Article )
(365 Points)
Replied 16 August 2013
Can some one please explain in detail..any help is much appreciated
Regards
Vikram Bhatia
(CA Final)
(122 Points)
Replied 16 August 2013
Dear Rohan,
Generally the following points should be kept in mind while examining the investments of a company...
- such investments should be held in the name of company
- statements of such investments should be checked as on 31st Mar, whether balance matched with books of account or not..
- any income or interest accrued on such investment is accounted for or not..
- further to be checked whether such investment has been provided further as secuity or gurantee, if yes, then whether business purpose or personal..
- whether such investment is beneficial for business or it is just blocking the funds of business..
- whether investments are quoted or unquoted for disclosure purpose
- determine the NAV of all the investments held as on balance sheet date
- if the investment has been made in the related party concern, then it should be disclosed separately..
Further there may be more points depending upon the nature & type of investments...
Hope it will help you...!!!!
Ritzz
(CA Final - Article )
(365 Points)
Replied 16 August 2013
Dear Vikram
Thanks a lot for all the valuable points!
I am sure Experts/members will come up with additional points as well!
Regards
Ganeshbabu K
(Audit and Tax Advisory)
(48564 Points)
Replied 16 August 2013
Refer below for guidence on how to verify
https://www.caalley.com/gn/invtmts.html
I recommend you to please do refer guidence note on revised schedule VI to know about how to disclose in financial statements
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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