Exercise 1 - jb nagar cpe study circle of wirc of icai
Exercise 1 - jb nagar cpe study circle of wirc of icai
Exercise 1 - jb nagar cpe study circle of wirc of icai
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Audit ChecklistDepict the Case Study (one time effort for one client)a. Flow <strong>of</strong> Transactions;i. Initiation <strong>of</strong> transactions……ii. Generation <strong>of</strong> source document…..iii. Processing <strong>of</strong> documents …..iv. Summarization in financial statementsb. Documents Involved;i. List <strong>of</strong> Various Source documents…ii. List <strong>of</strong> Various Voucher generatediii. List <strong>of</strong> reports generatediv. Number <strong>of</strong> copies <strong>of</strong> abovev. Specifying which copy is used for whatvi. Master data;1. Component <strong>of</strong> cost,2. Valuation per unit <strong>of</strong> Cost3. Stock Codes and description.c. Understanding <strong>of</strong> roles <strong>of</strong> various personnel involved ini. Flow <strong>of</strong> transactionsii. Documentation involvediii. Analysis made by them, if any,d. Understanding <strong>of</strong> Various Control Pointsi. Stock reconciliationii. Comparison <strong>of</strong> Book Record with Physical stock takeiii. Stock ageingiv. Analytical review with respect to Cost v/s NRVv. Identification <strong>of</strong> Cost components at the beginning <strong>of</strong> the yeare. Understanding <strong>of</strong> various layers <strong>of</strong> reviews including external, reviewsi. MISii. Internal Auditiii. Report to Bankeriv. Frequencies <strong>of</strong> above reviewsv. Subsequent impact <strong>of</strong> Observations23 Rakesh Agarwal
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