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Statutory Audit – A checklist

(A summary of significant aspects to be verified)

1.      Stores & Inventory:

a)      Material Incoming procedure  -

b)     GRN generation

c)      Incoming quality inspection

d)     Material Issue procedure (Kanban card)

e)      Physical inventory & Perpetual Inventory

f)       Job worker reconciliation

g)     Returnable gate pass

h)     Slow mover & dead stock

2.      Purchase planning

a)      Purchase procedure raising of P.O. and approval, etc.

b)     Part - wise purchase analysis (including CST)

c)      Price increase / decrease and its impact.

d)     Supplier rating

e)      Customer rating

f)       Supplier rejection procedure and the event occurrence

g)     Customer Rejection procedure and the event occurrence

3.      Production Planning

a)      Productivity Index

b)     Scrap generation monitoring

c)      Man-hour utilization

d)     Material downtime

e)      Machine-wise downtime

f)       COPQ

4.      Finance & Accounts

4.1  Debtors Management:

a)     Debtors Ageing

b)    Credit Balances in Debtors

c)     Provision for Debtors

d)    Debtors reconciliation

e)     Confirmation of balances Debtors

4.2  Creditors Management

a)     Creditors with Ageing

b)    Debit Balances in Creditors

c)     Creditors Reconciliation

d)    Balance confirmation

4.3   Staff Loans & Advances

4.4   Bank reconciliation

4.5   Operation Review

4.6   Inventory Valuation

4.7  Fixed Assets:-

Ø      Fixed Asset Register (FAR) updation.

Ø       Reconciliation with Book balances

Ø      Depreciation is computed for every month

Ø       All the assets in FAR should appear with
a) classification
b) codification and
c) location

Ø      Physical verification

Ø      Insurance coverage

5.      Statutory & Legal Compliances

a)      Income Tax assessments

b)     TDS remittances & returns

c)      Sales tax remittances & returns

d)     Service Tax remittances & returns

e)      Professional Tax remittances & returns

f)       Excise Reconciliation:

g)     Pending Excise & Service Tax assessments

h)     Compliance with Companies Act, 1956.

6.      HR Compliances:-

a)      Provident Fund

b)     Employees State Insurance

c)      Factory License & renewal

d)     Industrial Act, 1948

e)      Pollution remittances &Validity

f)       Hazardous Waste- Returns & disposed details

g)     Apprentice board filing & claim submission

h)     Contract of Labour

i)       Met-life Insurance / mediclaim policy

j)        Group health and personal accident policy

These are all the main aspects subject to verification while carrying out the Internal Audit of Factories and Industries where the process of manufacturing / production is carried out

THANKS

REGARDS

DEVENDRA KULKARNI

hello i need an audit program for auditing bank insurance i.e insurance products issued by the bank

i will be grateful for any help