Hitesh Kachru (Consultant) (23 Points)
20 March 2018In Audit Report, Balance Sheet Cash & Bank balance is shown,
Need to Confirm that;
1. Balank Closing Balance Amount will come from Bank Statement balance as on 31st. March or it will come from balance as per Book of account?
What is the Correct way as per Accounting Standards followed in India?
Regards!
Langesh Siva
(Accounts Manager)
(164 Points)
Replied 20 March 2018
Hi Sir,
Usually It's normal process you match with your book and bank statement It's called BRS, once you done it stalled cheques to be reversed just submit bank statement and BRS statement to auditors, In the same way you have submit the letter for closing cash balance conformation too
Hitesh Kachru
(Consultant)
(23 Points)
Replied 21 March 2018
I have a Audited Report in which 31st. March Bank Balance does not match with bank statement nor Auditor has given any coments in his audit report No Reconcilation Report is attached with Audit Report.
Technically I feel logically Bank Closing balance should be same in Balance Sheet & Bank Statement as on 31, March.
I want to know as per Indian Standard of accountancy without giving any benefit of doubt to auditor, what should I do? Accept or Reject Audit Report with my comments.
Thanks!
ANURAG SHARMA
(PARTNER)
(23 Points)
Replied 23 March 2018
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