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PART A - GENERAL
Working paper
Particulars Audit Comments Auditee Reply
Reference
1. (a) Obtain Opening Trial Balance to confirm
correct carry forward of previous years’ closing
balances
PART B - SPECIFIC
I. SALES
(i) Check availability of following documents :
a. Sales policy, Discount policy, Credit policy if No Discounts are normally allowed MD didn't permit the salesmen to allow
any to customer , the maximum discount discount . Sales to staff is discounted Good control is existing in
rate allowed by system is 7% which cannot be exceed 7% (which is sales , continue the
fixed by the system) same .
NA NA
b. payment of salary for more than a specified
amount has been made only through account
payee cheques/ drafts and other banking
channels including direct transfer to the
account of the payee
YES
c. computation of income tax liability of each
employee done correctly and deduction of tax
has been made accordingly NA
NA NA
d. filing of PF and ESIC returns is within
stipulated time and data in returns is accurate
as per books of accounts and provisions of
relevant Act, and correct information in relation
to employees is reported to authorities as and ESI PF WORKINGS AND CHALLANS
when required. ARE NOT MAINTAINED HERE. AHDN
HENCE WE COULDN’T VERIFY THE
SAME
e. TDS computation of the employee is being
done and TDS has been deposited and NA
accounted for. NA NA
(iii) Ensure that the following documents are
authorized properly
We strongly recommed
The administrator is calculating salary punching system for
just relying on the attendance regsiter determining the
a. verification and authorization of salary and kept at each shops.( Which is sent attendance and timing of
proper review of payment is there. through whatsapp). There are cases staffs. So the manual
where the employees dispute regarding errors in calculation and
their salary due to manual error as the under/over payments
attendance register may not be clear and may be avoided
No correctly followed
b. advance payments to employees are properly
authorized
c. loan to employees and deductions are as per
approval.
Shop Location:
I. SALES
Sales policy, Discount policy, Credit policy if any
1 Do you sell products on discount ?
2 Is there any threshold limit to allow discount ?
3 How much discount normally aloowed to customer ?
4 How Much discount allowed to staff ?
5 Do you allow any Sales on Credit ?
6.a Do you keep duplicate copies of the sales invoices ?
6.b If Yes ,whether they are serially numbered ?
Whether Daily Sales reports are submitted to the Regional
7 Office on Day to Day basis ?
Whether there is segregation of duties between invoicing and
8 collection of payment ?
Whether Sales collections are Deposited into Bank on Day to
9 Day basis ?
10.a Do you have any cases of Pre-order sales ?
10.b If Yes , how you bill the same ?
III.Sales Return
1 What policy is adopted for Salesreturn ?
2 What are main reasons for Salesreturn ?
3 Whether returned bills are cancelled ?
whether returned goods properly accounted in the system ?
4
5
IV. INVENTORY & STORES MANAGEMENT
Is there any sysytematic approch for ordering the Inventory
1 from warehouse ?
Do you Cross verify the invemtory received with the transfer
2.a note ?
Incase of differences do you communicate properly and revise
2.b the transfer note ?
In case of return Whether the stock is added back to system
3 Properly ?
Whether the system generate any report on Expired Goods ?
4
Whether damaged goods are properly send back to the
Warehouse , and the report for the same is properly
5 generated ?
Is there any inventory management system available store's
6 computer system ?
V. HUMAN RESOURCE
Whether the shop maintain proper Employee attendance
1
register?
2 whether the shop maintain Employee time register?
Whether any advance payments are made to staff from the shop
3
and if yes the same is properly authorised and recorded
1484.04