Exercise 1 - jb nagar cpe study circle of wirc of icai

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Audit Checklista Personnel Preparing MRN and QC and Purchase Y Y NEb Personnel preparing Dispatch note and Sales Bill Y Y NEc Personnel maintaining Stores register and Physical Stocktake sheetY Y NEd Check that there has been no change in procedure duringthe periodYIVReview procedures for stock take and ensure thefollowinga Stoppage of Stock Movement Y Y NEb Stoppage of generation of Source documents Y Y NEc Stock count is done by personnel other than from StoresdepartmentY Y NEd Stock count is done in the presence of personnel from Auditand Accountse The stock take sheet is tabulated and compared with bookrecordsf Discrepancies are approved by functional heads (may be byBoard)Y Y NEY Y NEY Y NEAudit PersonnelReviewed byConclusion1. Exception to be Reported2. Whether further audit steps required3. The extent to which changes in the system to be noted4. Control Weakness Points to be Reported26 Rakesh Agarwal
Audit ChecklistSample 4 BSubstantive Testing at Balance Sheet Date _ InventoryS.r. No. Particulars E R O C V M PD WP Reference /Commnets1 Is the inventory valued at lower of cost and netrealisable valuey y y2 Which is the cost formula used ? y y ya. Specific identification?b. FIFO?c. Weighted Average?Is the disclosure made to that effect inaccounting policy?y3 Have you ascertained whether cost includes y y ya. Cost of purchase (net of Modvatableduties)?b. Direct labour?c. Production over heads?d. Such other direct cost to bring inventory totheir present location and condition?4 Have you ascertained that cost of conversiondoes not include the following :y y ya. Interest, (Unless permitted by AS 16)?b. Administrative overheads?c. Selling and distribution cost?d. Abnormal wastage of material, labour andother production cost?5 Standard cost method is reviewedperiodically?y y y27 Rakesh Agarwal
Page 1 and 2: Audit ChecklistIndexExercise 1 - Id
Page 3 and 4: Audit ChecklistSAMPLE 1Transpose An
Page 5 and 6: Audit ChecklistFrom Accounting Stan
Page 7 and 8: case the work in progress the amoun
Page 9 and 10: Audit ChecklistReview Comments - Fi
Page 11 and 12: Audit ChecklistDepict the Case Stud
Page 13: Audit ChecklistSample 4 ACompliance
Page 17: Audit ChecklistSolution Exercise 1

Exercise 1 - jb nagar cpe study circle of wirc of icai

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