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CA.

Nitin Gupta

Rathore Institute

RATHORE INSTITUTE
Auditing & Assurance
BY CA. Nitin Gupta

How to prepare the chapter Vouching


Basic points covered in vouching of all transactions:
1) Examine voucher of the transaction, it should be properly dated, serially numbered and
duly authorized.
2) Examine the calculation of voucher.
3) Examine proper recording of transaction. Related accounts are properly debited &
credited.
4) Examine posting in relevant ledgers.
5) Examine cash book. (Receipt/ Payment)
6) Examine acknowledgement received (in case of payment)/ provided (in case of receipt)

Summary of Vouching
Items
Credit Sales

Procedures for vouching


Examine sales book
Examine sales invoice
Examine numerical sequence of
source
documents
generated
within the entity
Examine treatment of additional
charges and trade discount
Routine checking
Examine cutoff procedures

Goods on sale Examine memorandum book


or return basis

Relevant documentary evidence


Sales Book
Sales invoices
Goods outward notes

Sales vouchers at the beginning and


end of current period
Memorandum Book

CA. Nitin Gupta

Rathore Institute
Examine inclusion of goods on Sales Book & Debtor ledger (If sale is
sale or return basis in inventory approved)
(If sales were not approved)
Statement of customers giving
details of inventory.
Examine the case where sales Sales book
were approved. (It will be
considered as sale)

Goods on
consignment

Examine consignment sales book

Sales Return

Examine sales return book, Store


ledger.
Examine credit notes (issued by
entity to debtor who has returned
the goods)
Examine cutoff procedures

Sales return book, Store ledger.

Examine purchase book

Purchase book

Examine purchase invoice


Examine numerical sequence of
source
documents
generated
within the entity
Examine cutoff procedures

Purchase invoice
Purchase requisition , Purchase
order, Goods received notes

Credit
Purchase

Consignment sales book, Copy of


Performa invoices
Examine account sale (Periodical Account sales
statement
received
from
consignee)
Ensure posting into relevant Ledger of consignment account,
ledger accounts
nominee account and relevant
nominal accounts
Examine valuation of closing
stock. (Loading should not be
included in it)
Examine commission paid to Agreement with consignee.
consignee

Credit notes. These


serially numbered.

Examine purchase return book

be

Sales return vouchers at the


beginning and end of current period

Purchase vouchers at the beginning


and end of current period

Goods purchased must not be for


personal use of directors &
officers

Purchase

should

Purchase return book

CA. Nitin Gupta

Rathore Institute

return
Examine debit notes (issued by Debit notes. These should be serially
entity to creditor to whom goods numbered.
are returned)
Examine cutoff procedures
Purchase return vouchers at the
beginning and end of current period

Cash sales

Examine cash book


Examine cash memos
Routine checking

Rent received

Examine cash book


Cash book
Examine rent receipts
Rent receipts
Special attention towards rent Lease deeds/Agreement
outstanding.
Routine checking
List of property provided on rent,
Recording, posting in relevant
ledgers.

Dividend &
interest
received

Examine cash book

Cash book

Examine type of investments


Examine dividend warrants
Special attention towards interest
outstanding
Examine recording of dividend
and interest at correct amounts
Examine compliance with AS-9

Schedule of investment
Dividend warrants
Schedule of investment, loans and
deposit
Investment certificates

Examine cash book

Cash book

Commission
received

Cash book
Daily cash summary, Cash memos
Salesmens
summary,
Goods
delivered summary

Examine
calculation
of Commission agreement
commission
Examine commission outstanding
Examine compliance with AS-9

Bad debt
recovered

Examine cash book

Cash book

Verify bad debt dividend

Dividend
warrant
of
official
receiver,
correspondence
with
official receiver.

CA. Nitin Gupta

Rathore Institute
Ensure proper
statement of P/L

Sale of scrap

Insurance
claim

treatment

in

Examine cash book


Examine sales invoice
Review cost records and financial
records
Analytical review procedures
Examine management procedure
to identify scrap

Cash book
Sales invoice
Cost records, financial records

Examine cash book

Cash book

Past records

Examine copy of claim lodged Claim copy


with GIC
Valuation of loss
Report of surveyor
Examine correspondence with Copy of correspondence
GIC and agent

Receipts of
capital
subsidy

Examine cash book

Cash book

Examine the correspondence with Correspondence with Government


the Government and the copy of
application
Note the conditions attached with Copy of application, Documents
grant
related to grant of subsidy
Ensure compliance with AS-12

Sale of
Investment

Wages &
Salaries

Examine cash book

Cash book

Examine Brokers Note


Authorization of sales
Compliance with AS-13

Brokers Note
AoA

Examine cash book

Cash book

Examine the pay-roll summary


Examine
employee
(employee name, wage
attendance summary)
Examine unclaimed wages

Pay-roll
summary,
Relevant ledgers
data Employee register.
rate,

Job

Schedule of unclaimed wages

card,

CA. Nitin Gupta

Rathore Institute

Travelling Exp Examine cash book

Cash book
Examine standard form for Standard
form
for
claiming
claiming reimbursement
reimbursement
Examine Directors travel rule
AoA
Examine relevant documents
Ticket of mode of transport used,
Hotel bill.

Custom
Duties

Examine cash book

Cash book

Examine Bill of Entry


Bill of Entry
Commission paid to clearing and Agreement with agent
forwarding agent.
Examine rate of duty
Custom act and Custom tariff act
Examine duty paid
Acknowledgement from Custom
department
Examine provisional assessment Provisional assessment order
(In case of any dispute)
Verify the claim of duty draw
back

Excise Duties

Examine rate of duties


Examine payment of duty

Remuneration
paid to
Directors

Examine the entitlement

AoA

Examine legal provision


Examine relevant documents

309(3) (4), 309(2), 198, 310


Agreement, Attendance
Bank Statement

Central excise tariff act.


Challan, Personal ledger account
(PLA)
Examine cash book
Cash book
Ensure proper provisioning of Profit & Loss account
goods not released
Ensure CENVAT credit has been
adjusted
while
claiming
depreciation on fixed assets.

record,

advertisement Schedule / Register


Advertisement Obtain
schedule/register
expenses
Examine advertisement contract
Examine statement of accounts
Vouch the payment

Advertisement contract
Statement received from agency
Bank Statement

CA. Nitin Gupta

Rathore Institute
Examine proof of advertisement

Copy /Video clip/Audio clip of


advertisement.

It should be as per the object of


the entity

Payment of
Income Tax

Retirement
gratuity

Examine Cash book

Cash book

Examine receipt of challan


Examine documents

Challan
Assessment order, Demand order,
Ledger

Ascertain the requirement to pay

Legal provision of gratuity, Contract


/Agreement with employee

Examine service contract


Examine the validity of the basis
on which gratuity is payable to
the employee
Recomputation
Ensure compliance with AS-15

Preliminary
expenses

Examine nature of preliminary


expenses. (Registration fee, Cost
of printing of documents, Stamp
Duty). Ensure that other expenses
are not included in it, like
Underwriting
Commission,
Brokerage.
Disclosure of preliminary exp in Prospectus
prospectus
Examine Board Resolution
Minutes of BM

Research &
development
expenses

Examine R & D activity relates to MoA, AoA, BoD resolution


business of the entity
Examine Cash Book
Examine compliance with AS-26
Ascertain nature of R & D work, it
should be relevant to entitys
object.
Examine
Board
Resolution
authorizing R &D.
Examine these are considered
while provisioning of Income Tax.

Cash Book
Examine MoA (Object clause)

Minutes of BM
Computation of Taxable income as
deduction is available for R & D exp.

CA. Nitin Gupta

Rathore Institute

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