What are the things required to be verify of PF audit ? and wht are the Act need to be kept in mind ?
1 Replies
manzoor ahmed
(Auditor)
(479 Points)
Replied 26 February 2010
Dear Ameet,
im from pakistan so here the Income Tax ordinance is applied i don't in abt india but you should check out the schedules of Income Tax act of ur country..
the procedures related to the audit of PF is mainly verify .
Investments of the Fund
Contribution made by the employees as well as the employer both contribution should be the same, for ex: if employee contributes the 500 rupees then employer also have to contribute 500.
there are withdarawal or loan from the PF by the employees, loan is categorised in two types.
1 Temporary Loan: which should be paid back
2. Permenant Loan which is not payable back.
3. Contribution should be verified from the payroll.
these are the general procedures for furthere you should check out the Rules of the company for the PF..
if you need any other guide or working papers related to the audit you can visit my blog and download it, its all free there...
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