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

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Audit Checklist6 In arriving at cost of inventory, whether y ya. Inter-divisional profits eliminated?b. Foreign currency fluctuation excluded andcharged as expense in respect of foreigncurrency loan obtained against stock?7 Is physical verification of inventory taken atyear end?y y y y y8 In arriving at net realisable value , have youascertaineda. damaged/obsolete/non-moving stock?b. subsequent sale price after Balance SheetDate?yy9 Are the inventory in accounts classified into : ya. Raw material and components? yb. Stores and spares and tools? yc. Work-in-progress? yd. Finished Goods? y10 Has disclosure being made of following’ ya. the value of raw material consumed givingitem wise break up and indicating thequantitiesyb. opening and closing stock of goodsproducedyAudit PersonnelReviewed byConclusion1. Exception to be Reported2. Whether furthur audit steps requried3. The extent to which changes in the system to be noted4. Audit adjustments to be Reported28 Rakesh Agarwal
Audit ChecklistSolution Exercise 1 - Identification of ChecklistSr. No Type Staffing Level TimingGeneral AreasStandard/ Creatio Upda Execut ReviCustomize n te ion ewInterimProa Finalctive1 Auditing Standard Checklist None 1 2 3 1 Y2 CARO Checklist Standard + 1 2 3 1 Y Y3 Accounting Standard Checklist None 1 2 3 1 Y Y4 Company's Act Checklist Standard + 1 2 3 1 Y Y5 Schedule VI None 1 2 3 1 Y5 Corporate Governance Checklist Standard + 1 2 3 1 Y Y6 Firms Internal Protocal Checklist Standard 1 2 3 1 YSpecific Areas1 ShareCapital Customize 1 2 4 2 Y Y2 Reserves and Surplus Customize 1 2 4 2 Y Y3 Borrowings Customize 1 2 4 2 Y Y4 Creditors Customize 1 2 4 2 Y Y5 Oustanding Liabilities Customize 1 2 4 2 Y Y6 Gratuity & Leave Provision Customize 1 2 4 2 Y Y7 Taxation Customize 1 2 4 2 Y Y8 Contingent Liabilities Customize 1 2 4 2 Y Y9 Fixed Assets Customize 1 2 4 2 Y Y10 Investments Customize 1 2 4 2 Y Y11 Inventories Customize 1 2 4 2 Y Y12 Sundry Debtors Customize 1 2 4 2 Y Y13 Current Assets Customize 1 2 4 2 Y Y14 Profit and Loss Account Customize 1 2 4 2 Y Y15 Profit and Loss Anaytical Review Customize 1 2 4 2 Y Y16 Specific Cycle - Purchase Customize 1 2 4 2 Y Y17 Specific Cycle - Sale Customize 1 2 4 2 Y Y18 Specific Cycle - Inventory Customize 1 2 4 2 Y YQuestion for Participants1 Identify Checklist to be Responded as either Standard or Customize2 Identify Level of Staffing to be Deployed (1 Partner, 2, Manger, 3 Qualified, 4 Article) for Creation,Update and Review3 Identify Timing for its Execution (Interim, Proactive, Final)29 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 and 14: Audit ChecklistSample 4 ACompliance
Page 15: Audit ChecklistSample 4 BSubstantiv

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

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