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

More documents

Recommendations

Info

Audit ChecklistFrom CARO ChecklistSL.NO.InventoryPARTICULARSYES/NO/N.A REMARKS1 Whether physical verification of inventory has been conducted, atreasonable intervals, by the management?2 Whether the procedures of physical verification of inventoryfollowed by the management is reasonable and adequate inrelation to the size of the company and nature of its business? Ifnot the inadequacies in such changes to be reported?3 Whether the company is maintaining proper records of inventory?4 Whether any material discrepancies were noticed on suchverification? If so has it been properly dealt with in the books ofaccounts?From Co. Act ChecklistNoneFrom Corporate Governance ChecklistNoneDisclosure Requirements Under Schedule VIInventories are to be classified under the following heads• Stores and spare parts• Loose tools• Stock in Trade• Work in progressMode of valuation of stocks including WIP shall be stated and the amount in respect of rawmaterial shall also be stated separately where ever practicable.In case of the manufacturing companies, the value of raw material consumed giving item wisebreak up and indicating the quantities thereof has to be reported as part of notes on accounts. Inthis break up as far as possible all important basic raw materials shall be shown as separateitems.Intermediaries or components procured from other manufacturers may, if the list is too large to beincluded in the break up, be grouped under suitable headings without mentioning the quantities,18 Rakesh Agarwal
case the work in progress the amounts for which (such works have been completed) at the commencement and at the end of the accounting period. InAudit Checklistprovided that all those items which in value individually accounts for 10% or more of the totalvalue of the raw material consumed shall be shown separately with quantities thereof.Opening and closing stock of goods produced giving break up in respect of each class of goods,should be reported.Further in the case of trading companies the purchases made and the opening and closing stocksgiving break up in respect of each class of goods traded and indicating the quantities thereofshould be reported.19 Rakesh Agarwal
Page 1 and 2: Audit ChecklistIndexExercise 1 - Id
Page 3 and 4: Audit ChecklistSAMPLE 1Transpose An
Page 5: Audit ChecklistFrom Accounting Stan
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 and 16: Audit ChecklistSample 4 BSubstantiv
Page 17: Audit ChecklistSolution Exercise 1

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

Create successful ePaper yourself

Delete template?

Save as template?