Audit Programe for Statutory Audit

8/13/2019 Audit Programe for Statutory Audit

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AUDIT PROGRAM

Client :_____ ___________________________________

For the period :_______________________________________

Brief Particulars Perfor medBy

Remarks

1. Check out the previous years balances & comparatives !!" ##& #$%

#. "hare Capital

(a) Confirm Authorised & Issued Share Capital with Statutorybooks.

2. Check increase in Authorised Capital with Form No. 5 andresolutions passed.

3. erify that Authorised! ssued' "ubscribed and "aid#upCapital is properly classified. $Schedule#I! "art#I%.

. Check increase in "aid#up Capital with Form No. 2 andresolutions and note the details of shares issued.

'. Check whether Share Certificates for fresh issue of sharesha*e been issued or not (ithin ) months.

+. Issue of shares for consideration other than cash to bedisclosed separately. $Schedule#I! "art#I%.

,. Issue of shares by way of fully paid bonus shares to bedisclosed separately. $Schedule#I! "art#I%.

-. Calls in arrears to be shown by way of deduction from thepaid#up capital. $Schedule#I! "art#I%.

. /orfeited shares to be shown by way of addition to paid#upcapital. $Schedule#I! "art#I%.

01. Check whether the Co. has made any preferential allotmentof shares to parties co*ered in reister maintained undersection 310 of the Act. If so whether the price at which theshares ha*e been issued is preudicial to the Co. $CA4567*iii8%.

00. Check whether the manaement has disclosed the end useof money raised by public issue and the same has been

*erified. $CA456778%.

). Reserves and "urplus

(a) erify that 4eser*es and Surplus is properly classified.$Schedule#I! "art#I%.

(b) erify the re*aluation reser*e if any & any adustment forimpairment loss & depreciation. $AS#2- and AS#01%

(c) 9nsure that ade:uate transfer to ;eneral 4eser*e is madebefore declaration of di*idend e7ceedin 01< accordin to=>he Companies (>ransfer of profit to 4eser*es) 4ules!

0,'=and in the case of dividends bein* declared out ofreserves ade+uate compliance is bein* made tocompanies ,eclaration of ,ividends out of Reserves%

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rules '1-$.

/. "ecured & 0nsecured oans

(a) 4econcile the balance as shown in books of account with thatof balance confirmation by ?anks@ Institutions@5ther enders.

2. erify the securities for Secured loans from Register ofCharges and Form (Modification of Charge) !"#$Registration of Charges%filed with 45C.

3. erify that secured loans and unsecured loansare properlyclassified. $Schedule#I! "art#I%.

. oans from Birectors@anaers to be shown separately.$Schedule#I! "art#I%.

'. oans uaranteed by Birectors@anaers to be disclosed.$Schedule#I! "art#I%.

+. erify that full disclosure is made about the security of the

loans. $Schedule#I! "art#I%.. Check (hether the company has taken any loans'

secured or unsecured from the companies' firms orother parties covered in the re*ister maintained u2s )31of the !ct. f so' *ive no. of parties and amount involvedin the transactions.4C!R5 iii%e%6

7. Check (hether the rate of interest and other terms andconditions of loans taken by the company' secured orunsecured' are prima facie pre8udicial to the interest ofthe company9 4C!R5 iii%f%6 and

. Check (hether payment of the principal amount andinterest are also re*ular. 4C!R5 iii%*%%

13. f overdue amount is more than Rs. 1 akh verify (hetherreasonable steps have been taken for the recovery of theamount.4C!R5iii;c;6

00. 9nsure transactions need to recorded in the reistermaintained u@s 310 of the Act has been so entered. Dndersection 310 e*ery company is re:uired to maintain one ormore reisters which contain all the particulars of all thecontracts or arranements to which sec 2,or 2 of the actapplies.$CA45 6*8 a%

02. erify that the total borrowins at any time durin the yearare within the limits laid down by the shareholders in ;eneral

meetin as per Sec. 23 (0)(d) of the Companies Act! 0 '+.

03. 9nsure that all interest paid@due on the loans is calculated asper loan areements.

0. Interest accrued and due on Secured oans should beincluded under the appropriate sub#heads under the headES9CD49B 5AFSG. $Schedule#I! "art#I%.

0'. erify whether >BS has been properly deducted on interestpro*ided in the books if not! report in the ta7 audit report.

0+. ouch all fresh loans recei*ed durin the year and ensurethat all re:uirements ha*e been fulfilled.

0,. Hhether any amount has been recei*ed@repaid in cash or incontra*ention with Sec. 2+SS and 2+> of I#>a7 Act. $/orm#3CB! Clause (2)%.

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0-. erify that the secured loans are fully secured at the balancesheet date otherwise classify it as unsecured loans. $Section22,#0A (i*)%.

0. 9nsure that a note should reflect in balance sheet reardininstallments@amounts payable within ne7t financial year.

21. In case of debentures

i. Hhether pro*ision of interest and >BS thereon is pro*ided.

ii. Hhether terms of redemption@con*ersion with earliest dateof redemption@con*ersion are disclosed. $Schedule#I! "art#I%.

20. erify that the funds obtained on short term basis ha*e beenused for lon* tem investment. If yes! the nature & amount isto be indicated. $CA45 67*ii8%.

22. 9nsure that term loans were applied for the purpose forwhich the loans were obtained. $CA4567*i8%.

23. 9nsure that the company has complied with the pro*isions of

Section '-A & '-AA or any other relevant provisions ofthe Companies Act 0'+ and the Companies (Acceptanceof deposits) 4ules 0,' as well as the rele*ant directions ofthe 4?I with reard to the deposits from its employees etc.$CA45 6*i8%.

$. Fi


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00. 9nsure that ade:uate adustments are made in respect ofcost and depreciation of assets sold@ discarded in theschedule of depreciation and fi


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chane in *alutation.

?. n the case of ra( material (hich is used for theproduction of the finished *oods' remain unsold and themarket price of the ra( material falls belo( its cost butthe finished *oods in (hich they are used' e


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$Schedule#I! "art#II%.

. nventory D >P

(a) erify o*erhead loadin norms for their reasonableness andconformity with A.S. 2 of ICAI.

(b) 9nsure that costin methods are same as in pre*ious year.

7. "undry ,ebtors

(a) 4e*iew aein analysis of Bebtors.

(b) 9nsure that the debtors balances are properly classified in thefinal accounts as followsN

i ore than si7 months.

ii ess than si7 months.

iii Secured and considered ood.

i* Dnsecured and considered ood.

* Considered doubtful (this amount should not e7ceed theamount of pro*ision for bad & doubtful debts).

*i Amount due by directors or other officers of thecompany.

*ii Bue by a firm or pri*ate company in which any director isa partner@director@member.

*iii Bue from other companies under the same manaementas per sec 3,1 (0?).

i7 a7imum amount due by directors or other officers of theco! at any time durin the year. $Schedule#I! "art#I%.

3. 9nsure that forein debtors are fairly stated by con*ersion atclosin rates. $AS#00%

. 4e*iew the outstandin balances and identify the doubtful@disputed @lon#term balances.

'. 4e*iew year#end reconciliation for all debtors and ensure thatall claims by debtors which are acceptable ha*e beenpro*ided for.

+. Consider ade:uacy of pro*ision for doubtful debts.

,. /or last two weeks of the year and first week of ne7t year!identify all sales in*oices@ dispatch notes to ensure that theyare recorded in correct period.

-. 9nsure that confirmation of balances (for ma8or amount)has been recei*ed from the debtors.

. Check postin of cash receipts from debtors for 0' items intothe debtors leder.

01. 9nsure that write#off of balances (if any) is accordin to theprocedure laid down in this behalf.

00. 4econciliation of balances as per debtors and balances as

per books.

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-. !dvances to(ards purchase of machinery' materials etc.

(a) erify that the capital ad*ances are properly classified in thefinal accounts as per Schedule I of the Companies Act! 0'+.

2. 4econcile supplierOs accounts with pendin purchase ordersand deli*ery schedules.

3. erify that ade:uate pro*ision has been made aainstad*ances that are doubtful of reco*ery.

. erify whether penalty claims ha*e been made in case ofdelayed deli*eries of the machinery.

'. 4e*iew the ain analysis of the ad*ances.

+. Aree with balance confirmation! for advances .

13. oans and !dvances Recoverable in cash2kind.

(a) 5btain a list of all ad*ances to suppliers.

(b) 4e*iew all prepaid e7penses and compare with those forpre*ious year to ensure they are fairly stated.

(c) erify the ain analysis of ad*ances.

(d) 9nsure ade:uacy of pro*ision for doubtful ad*ances.

(e) 4e*iew list of outstandin ad*. in the names of employees toensure that they are still reco*erable.

(f) erify reconciliation of balances as per books with balances asper rele*ant Cen*at credit records as per 97cise 4ules and4eulations! at year#end.

() 4econcile the ad*ances from confirmation by the parties.

(h) erify that the claims loded with the insurance company etc.are accounted for as per the stated policy of the company.

(i) erify whether loans and ad*ances made by the companyha*e been shown as deposits. I$Section 22,(0A) (d)%.

() Ascertain whether security deposits are fully reco*erable ornot. /or additions durin the year trace them to the oriinalpayment *ouchers. Hhether proper adustment! if any! hasbeen made.

(k) 9nsure that loans and ad*ances made by the company on thebasis of security ha*e been properly secured. $Section22,(0A) (a)%.

l% Ensure that the loans' secured or unsecured tocompanies' firms or other parties covered in the re*istermaintained u2s )31 of the !ct. f so' *ive the number ofparties and amount involved in the transactions9 4C!R5iii; a%6.

m% >hether the rate of interest and other terms andconditions of loans *iven by the company' secured' areprima facie pre8udicial to the interest of the company.4C!R5 iii; b%6.

n% Ensure (hether receipt of the principal amount and

interest are also re*ular9 4C!R5 iii; c%6o% f overdue amount is more than one akh' ensure (hether

reasonable step has been taken for recovery of the

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principal and interest9 4C!R5 iii; d%6.

(p) Check pro*isions for ad*ances! which are doubtful.

(:) Ad*ances & loans to subsidiary are to be shown separately.

(r) Check the applicability of Sec.3,2#A.

(s) Check the amount treated as deemed di*idend under section2(22) (e) of Income >a7 Act.

(t) Ensure Compliance with Sec 295 of the companies Act, 1956

11. Cash & Bank Balances

(a) 4e*iew the cash#book for e*idence of lare (reater than4s.21!111@#) or unusual payments and receipts. >hese wille7clude Statutory iabilities! "ersonal iabilities andwaes@salaries@transactions. ouch identified items tosupportin documentation.

2. 5btain confirmation from banks for year#end bank balancesand ?@4.

3. 4e*iew year#end bank reconciliation for all bank accountsincludin those co*ered under loans.

. 4econcile the balances of unclaimed di*idend accounts withactual unclaimed di*idends.

'. "erform physical *erification of cash as at the year#end andobtain cash balance certificate from the manaement.

+. "lease i*e break#up in the followin mannerN

(i) ?alances with scheduled banks.

(ii) 5thers

(iii) /urther break#up in

0 Current account

2 Beposit a@c

,. >o obtain the certificate from bank reardin interest accruedon /B4s and check whether interest accrued on /B4 hasbeen pro*ided or not.

-. Check the renewal and cancellation of e7pired /B4s.

1#. Current iabilities & Provisions

(a) 4e*iew year end creditors reconciliation for all parties ha*ina balance e7ceedin 4s.' acs or ma8or parties dependin

upon the case and obtain conformation from them.

2. 4e*iew all letters of credit opened but outstandin at year#end and compare with the list of Acceptances.

3. 9nsure that the undisputedstatutory dues includin "/! 9SI!Income >a7! Sales ta7! 97cise duty & Custom duty! cess &any other statutory dues are reularly deposited by the co.with the appropriate authority. If not than the e7tent of arrearsof outstandin dues as at last of financial year concerned fora period of more than si7 month from the date they becomepayable shall be reported.$CA456i78(a)%

ention nature and amount in respect of each item.

. In case dues of sales ta7@income ta7@custom duty@wealthta7@service ta


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on account ofdispute! then the amounts in*ol*ed and theforum where dispute is pendin may please be mentioned.$CA456i78(b)%

ention nature and amount in respect of each item.

'. Check calculations of accruals e7ceedin 4s.'1!111@# fortheir accuracy.

+. Check calculations for interest accrued but not due.

,. 4e*iew all assessment orders of Sales ta7! 97cise duty andncome a


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i ;o*ernment securities

ii Shares! debenture or bonds showin separatelyin*estment in subsidiary co.

iii Immo*able property

i* In*estment in capital of partnership firm.

-. 9nsure that the in*estments ha*e been classified into

EcurrentG & Eon* ermGand the same are *alued as per theAS#03.

. erify that the in*estment in Associates ha*e been *aluedfollowin e:uity method & ha*e been disclosed separately.$AS#23%

01. erify the in*estments in Point *enture. 9nsure that the*aluation & disclosure of the assets! liabilities & interest is inaccordance with AS#2,.

00. 9nsure that interest accrued on in*estments be shown underthe head ECurrent AssetsG.

1/. ,eferred !sset2iability

(a) erify that there is no pecuniary loss on account of delayeddeli*eries by the machinery suppliers.

(b) erify the terms and conditions of machinery purchased andensure that all deferred payment liabilities are accounted for.

(c) 9nsure that accrued interest on deferred liabilities is properlycalculated and accounted for.

(d) erify that the Beferred ta7 asset has been created on thebasis of con*incin e*idence & *irtual certainty of future

ta7able income. It is to be ensured that the same is separatelydisclosed in ?alance SheetG. $AS#22%

(e) erify that the deferred ta7 asset@liability is adusted e*ery yearon account of chane in the ta7 rate.

1$. Aiscellaneous Eo transfer amount from different heads to B. 4. 97p.A@c.

3. "re#operati*e e7penses

i >o disclose separately with detail.

ii ;i*e note reardin e7penses in the notes to account.

1?. Contin*ent iabilities and Capital Commitments

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(a) 4e*iew debtors reconciliation for any claims by debtors! whichare disputed by the company. >hey are to be shown! as claimsaainst the company not acknowleded as debts.

(b) 4e*iew list of ?ank uarantees outstandin at year#end.

(c) 4e*iew list of ?ill discounted with ?anks and outstandin atyear#end.

(d) 5btain ?ankers confirmation for ?;s outstandin and ?illsdiscounted outstandin at year#end.

(e) /or capital commitmentsN

i. 4e*iew outstandin letters of credit for any Cs aainstcapital item purchases.

ii. 4e*iew list of ad*ances for any ad*ances aainst ordersfor capital item purchases.

iii. 5btain clients confirmation for any other orders forcapital item purchases! which are pendin as at year#end

+. 5btain a list of pendin leal cases! which may ha*e

continent liabilities on the company.,. ScrutiniLe details of eal & "rofessional chares and

compare with list of pendin cases to ensure that there areno cases! which are not stated in the list of pendin lealcases.

-. erify the sales ta7 & income ta7 assessments and e7cisereturns of the Company for any demands! which may bedisputed! by the company.

. Confirm continent liability for e7cise duty.

13. Ensure contin*ent iabilities are properly disclosed inthe Balance "heet as re+uired by the "chedule of the

Companies !ct' 1-$?.

1. @eneral points to be verified.

(a) erify the >BS 4eturns filed with the I. >. Bepartment. $/orm#3CB! Clause (2,)%.

(b) 9nsure that contributions to political party u@s 23A are not ine7cess of permissible limits.

(c) 5btain the :uantitati*e details of the followinN

In case of manufacturin company

I. >he licensed capacity ( where license is in force )

II. >he installed capacity

III. >he actual production

/ollowin details to be obtain further

I. 4aw material consumed ( ;i*in item wise breakup )

II. >he openin and closin stock of oods produced.

(d) erify whether the "@ A@c and ?alance sheet comply with theaccountin standards referred to in sub#section (3C) of section200. $Section 22,(3) (d)%.

. erify whether transactions of the company! which arerepresented merely by the book entries! are not preudicial to

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the interest of the company. $Section 22,(0A)(b)%.

'. erify whether any asset in the form of shares! debenturesand other securities ha*e been sold at a price less than atwhich they were purchased. $Section 22,(0A) (c)%.

+. In case of listed co. andthe company ha*in paid#up capitale7ceedin 4s. '1 lakhs as at the commencement of the

financial year concerned! or ha*in a*erae annual turno*ere7ceedin ' crore for a period of three consecuti*e /.Qimmediately precedin the /.Q .concerned !whether thecompany has an internal audit system commensurate with itssiLe and nature of its business. $CA45 6*ii8%.

,. Check whether any director is dis:ualified from beinappointed as director under clause () of sub. Section (0) ofsection 2,.5btain Certificate from ,irectors that they arenot dis+ualified u2s

-. Hhether maintenance of cost records ha*e been prescribedby the Central ;o*ernment under section 21(0)(d) of theCompanies Act! 0'+ (0 of 0'+). Hhether such accounts

and records ha*e been made and maintained. $CA45 6*iii8%.

. 9nsure that the accumulated losses at the end of financialyear are less than '1< of its net worth and the co. has notincurred cash losses in /.Q. and in precedin /.Q. $CA45678%.

01. 9nsure that the uarantee i*en by the Co. for loans taken bythe others from the bank or financial institution! the term &condition thereof is not preudicial to the company. $CA4567*8%.

00. In the case of finance! in*estment! chit fund! nidhi or mutualbenefit company N

i Hhether the net owned funds to deposit liability ratio ismore than 0N21 as on last date of balance sheet. $CA4567iii8(a)%

ii Hhether the pro*isions of any special statute applicableto chit fund! nidhi or mutual benefit society ha*e beenduly complied with. $CA45 67iii8%.

iii If the company is dealin or tradin in shares! securities!debentures and other in*estments! whether properrecords ha*e been maintained of the transactions andcontracts and whether timely entries ha*e been madethereinK also whether the shares! securities! debenturesand other in*estments ha*e been held by the company in

its own name e7cept to the e7emption! if any! rantedunder section of the Companies Act! 0'+ (0 of 0'+).$CA45 67i*8%

i* Hhether the co. has complied with the prudential normson income reconition and pro*isionin aainstsubstandard@default@loss assets $CA45 67iii8 (b)%

* whether the co. has ade:uate procedures for appraisal ofcredit proposals@re:uests! assessment of credit needsand repayment capacity of the borrowers.$CA4567iii8(c)%

*i Hhether the repayment schedule of *arious loansranted by the nidhi co. is based on the repaymentcapacity of the borrower & would be conducti*e toreco*ery of the loan amount. $CA45 67iii8 (d)%.

17! Forei*n E


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(a) 9nsure that proper records in respect of forein e7chanetransactions has been maintained as N

I. alue of imports made by the Co. durin the financial year inrespect ofa. 4aw materialsb. Components and spare partsc. Capital ;oods

II. 97penditure in forein currency on account of royalty! knowhow! professional and consultation fee! interest and othermatters.

(b) 9nsure that earnin in forein e7chane ( if any ) classifiedunder the followin heads! namely

a. 97port of oodsb. 4oyalty! Rnow#how! "rofessional and Consultation fee.c. 5ther income (Indicatin the nature thereof )

(c) 9nsure that all the re:uirements of AS 00 has been compliedwith.

(d) 9nsure that the pro*ision of >BS has been complied with inrespect with forein e7chane transactions.

17. "ales

(a) erify whether there is ade:uate internal control procedurecommensurate with the siLe of the company and the nature ofits business! for the sale of oods and services. $CA45 6i*8%.

2. onth#wise sales (:ty wise! rate! *alue) and comparati*eswith last year month#wise sales details.

3. 9nsure that the sales made to parties listed in the 4eistermaintained u@s 310 of the Companies Act! 0'+ ha*e beenmade at prices! which are reasonable at the rele*ant time(>his information is re:uired only in cases of transactionse7ceedin 4s. 0 akh in respect of any party and in any onefinancial year). $CA456*8(b)%

. 4econcile :uantity wise sales as per Sales book with that ofdispatches Re*ister maintained under the sales ande


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records has been accounted for.

03. Hhether sales are e7clusi*e of sales ta7.

0. Hhether sales as per leder are reconciled with sales ta7returns filed for the year.

0'. Is there any need to file re*ised sales ta7 return

0+. Hhether all statutory forms =C= form S>#l! S>#3'! has beenrecei*ed by the company aainst the current year sales. Ifnot! whether any note has been i*en under the head=Continent liability=.

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(a) 9nsure that all materials included in stock ha*e been recordedas purchases.

(b) 9nsure that oods returned has been adusted properly ande7cluded from stock.

(c) atch the ;oods receipt note with the ordered :uality and:uantity.

(d) 9nsure that forward purchase contracts that are outstandin at

the year#end are properly accounted for. (e) 9nsure that the purchase of finished oods is separately

disclosed and is not clubbed with the purchase of raw materials

(f) 9nsure that the purchases made from the parties listed in the4eister maintained u@s 310 of the Companies Act! 0'+ ha*ebeen made at prices that are reasonable. $CA45 6*8 (b)%.

() 9nsure that properly e7ecuted purchase orders are placed for allpurchases.

(h) 9nsure that all the purchase orders are properly authorised

(i) 9nsure that Credit Fotes in respect of all returns! shortaes and

reections are recei*ed.

() 9nsure that rate difference (if any) is properly accounted for.

##. Cost of Ra( Aaterials consumed

(a) "eruse throuh the stores leder for any unusual fluctuationsin purchase price of maor raw materials and en:uire into thesame! if any discrepancy is found in the store leder.

(b) Compare actual consumption of 4 with Standardconsumption for any unusual *ariance.

(c) 9nsure that indi*idual items of 4C! which account for morethan 01< of the total *alue of 4C#Consumption! are fairlystated and separately disclosed.

(d) erify break up of consumption 4C into imported andindienous.

(e) erify that 4C does not include cost of materials sold.

#). "tores' spares and tools consumed.

(a) 9nsure that stocks and spares are bifurcated into importedand indienous items.

(b) "erform ratio analysis under maor subheads of stores andspare tools consumed.

#/. Po(er & Fuel E


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effect

(e) ! if any! ha*e been properly accounted for

#$. 5ther Aanufacturin* & Aaintenance E


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service taa7 J 01< on the rossamount chared to the client plus 2< 9ducation Cess.w.e.f20.1.1.

(c) 9nsure that the ta7 has been paid e*ery month@:uarter as thecase may be .

(d) 9nsure that 4eturn of Ser*ice >a7 has been filed on or beforedue date.

(e) erify that the ser*ice ta7 credit has been taken accordin to theSer*ice >a7 Credit 4ules #33/.

(f) Check whether there is any disputed amount! if yes! properpro*ision in this reard has been made.

() 9nsure that Assessment 5rder has been recei*ed if Assessmenthas been made.

#-. Cenvat

(a) erify Cenvat Returnfor any undisclosed liabilities@ demandsby 97cise authorities.

(b) erify e7cise duty deposits with R?challans for ' items.

(c) erify e7cise ate passes for e7port sales to ensure that noduty is paid on such sales.

(d) "erform Corroborati*e Analytical 4e*iew "rocedure for totale7cise duty e7pense.4econcile total e7pense with finalaccounts.

(e) 4e*iew e7cise duty reconciliation for any sinificantdifferences in amounts debited in the accounts and that

actually paid.

(f) erify R@ #)Part and P! reisters and confirm that thebalances in these at the year end ha*e been transferred to thebalance sheet.

() In case of concerns where 4" based e7cise is applicableadustment of profit should be made as per sec 0'A of the I>Act.

)3. nterest & Financial Char*es

(a) 9nsure that interest and bank chares are properly classified.

2. erify interest payments with Schedule of payment.

3. 9nsure that interest on debentures and other fi7ed loanshould be stated separately.

. 9nsure that ta7 has been deducted at source where*erre:uired at the time of payment of interest.

'. 4e*iew e7pense details to identify any e7pense to becapitaliLed.

+. erify loan areements & subse:uent correspondence forade:uacy of interest rates.

,. 9nsure classification of interest e7penses into =term loans=and =others=! statin separately! in case of >ermoans@Bebentures! the amount of interest! if any! paid or

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payable to the anain Birector and the manaer if any.$Schedule#I! "art#II! 3(*)%.

-. 4e*iew correspondence file with bank and financialinstitutions for any chane in interest rates with retrospecti*eeffect.

)1. @eneral Hotes for Eo obtain the list of e7penses as per format i*en in Income>a7 4ules reardin.

i See 1(A)(2)(b)#"ayment made to specified persons

Ii 4ule +BB#97ception of cash payment in e7cess of

4s. 21!111.

Iii Birectors 4emuneration and e7penses incidental to that.

,. Hhether manaerial remuneration in accordance with thepro*ision of Section 0-! 3'1 & Schedule III of theCompanies Act.

-. 4e*iew ta7 pro*ision! if any! as per the pro*isions of theIncome ta7 Act! 0+0.

. 9nsure all related party transaction ha*e been entered in thecertificate pro*ided by the manaement & control o*er therelated party transactions is proper.$AS#0-%

01. >BS M e*ery assessee deductin ta7 has to submit :uarterlystatement 0'th of the month followin the :uarter and yearlyreturn.

00. Annual Information 4eturn.

02. Income from other sources M As per Section '+(0)(i*) any iftin cash e7ceedin 4s. 2'111@# to any person shall bechareable to >a7 subect to e7ception.

03. 9nsure >BS has been deducted on e*ery work contract incase indi*idually it e7ceeds 4s. 21111@# or 4s. '1111@# inareate durin the financial year.

0. 9nsure >BS has been deducted from the payments made forInterest! ?rokerae! technical ser*ices! professional ser*ices!contractors@ subcontractors. In case >BS has not been

deducted same payments shall not be allowed u@s 1(a)(ia)of Income >a7 Act.

0'. ?5B resolution for any donation e7ceedin 4s. '1111 or '

Audit Programe for Statutory Audit

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Transcript of Audit Programe for Statutory Audit