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Area/Requirement
Conclusion
4(i) (a)
4(i) (b)
4(i)( c)
4(ii) (a)
4(ii) (b)
4(ii) ( c)
4(iii) (a)
Fixed Assets
Fixed Assets
Fixed Assets
Inventories
Inventories
Inventories
Loans granted
Loans taken
Loans granted
Loans taken
Loans granted or taken
Loans granted or taken
Internal Controls
Register under Section 301etc.,
Fixed Deposits
Internal Audit
Cost Records
Statutory dues
Accumulated losses etc.,
Dues to Banks & Fis etc.,
Loans and Advances granted
Chit Fund company
Nidhi/mutual benefit fund/society
Dealing or Trading in Securities
Guarantees
Term Loans
Funds raised
Allotment of shares
Debentures
Money raised on public issue
Fraud
Proper records
Physical verification-FA
Disposal of Fixed Assets
Physical verification- Inv.
Procedures of Verification
Proper records of Inventory
Loans granted
Loans taken
Loans granted
Loans taken
Repayment
Overdue amounts
Internal controls on purchases,sales etc.,
301 Register and transactions
Public deposits
Internal Audit
Maintenance of Cost Records
Statutory dues
Losses etc.,
Default in repayment of dues
Loans and Advances granted
Chit fund company
Nidhi/mutual benefit fund etc.,
Dealing etc.,in Securities
Guarantees given
Utlisation of Term Loans
Utlisation of funds
Preferential allotment
Securities on Debentures
End use of monies
Fraud
4(iii)(b)
4(iii)( c)
4(iii) (d)
4(iv)
4(v)(a) & (b)
4(vi)
4(vii)
4(viii)
4(xi) (a) & (b)
4(x)
4(xi)
4(xii)
4(xiii)(a)
4(xiii)(a) to (d)
4(xiv)
4(xv)
4(xvi)
4(xvii)
4(xviii)
4(xix)
4(xx)
4(xxi)
Issue Sheet
I have staisfied myself that the above checklist has been properly completed ( refered Statement on CARO whereever relevant) and all matters requiring the
attention of the Audit Partner are set forth in the Issue sheet.(Refer the No. of the issue sheet).
Completed by:
Date:
I have reviewed the work done by the assistant-in charge and have satisfied myself that the above checklist has been satisfactorily completed in line with the
Statement on CARO issued by ICAI. Working papers were reviewed and agree with the conclusions above.
Reviewed by:
Date:
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of the requirements of CARO under the respective clauses.
ewed by etc., on the individual checklist sheets. You can get back to
s, Insurance Companies,
5 of the Act and Private companies
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Completed by:
Date:
Reviewed by:
Date:
Audit Procedures
1. Whether records of fixed assets are
maintained showing the following
particulars:a).Year of acquisition
b).Sufficient description of the assets
to make identification possible.
c).Classificaton, that is, the head under
which it is shown in accounts eg. Land,
Building, Plant and Machinery etc.
d).Location
e).Quantity,i.e number in units.
f).Original cost
g).Adjustment for revaluation or for
increase or decrease in cost consequent
on revaluation of Foreign currency Liabilities
if any.
h).Depreciation written off to date.
i).Written down value.
j)Rate of depreciation and particulars regarding
amortisation and impairment
k) Particulars regarding sale, discarding,
demolition, destruction etc.
l) Particulars of fixed assets that have been retired
from active use and held for disposal.
m). Whether fixed assets as per Register/Records
agree with General Ledger balances. If not, note
the disagreements in respect of each class
of assets e.g.
-
Land freehold
Land leasehold
Building
Land
Plant and Machinery
Vehicles
Furniture and Fixtures
Office Equipment etc.
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Fixed Assets
Response
Remarks
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Completed by:
Date:
Reviewed by:
Date:
Audit Procedures
1. Has the management carried out a physical
verification of fixed assets during the year according
to the policy of the company? (eg. phased manner,
all assets every year etc.,)
2. Obtain the instructions issued to by the
management to the staff for the physical verification.
3.Obtain the working papers of physical verification
done by the management during the year according
to the policy of the company.Confirm and evidence
adherance to the instructions issued.
4. Is the frequency of verification reasonable?
5. Ensure whether assets physically verified agreed/
reconciled to book figures?
6. Obtain a statement of descrepancies obtained
and consider if they are material, whether the same
have been properly adjusted in the books of
account.
Fixed Assets
Response
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d Assets
Remarks
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Completed by:
Date:
Reviewed by:
Date:
Fixed Assets
Audit Procedures
Response
1. Has a substantial portion of fixed assets been
disposed off during the year? "Substantial" has to be
judged in the backgorund of factors such as
proportion of assets disposed off to that category of
assets and also total assets of the company in value terms
terms.
2. Determine whether such disposal affected the going
concern status of company or not by carrying out
procedures such as- analysis and discussion with the
management of the significance of such assets to the
company as a whole, reading the minutes of the
meetings of the Board of directors and others to
understand the entity's future business plans, review
of the post balance sheet events to analyse the
affect of such disposal on the going concern status
of the company.
3. Consider any adverse implications on account of
the same in the main report.
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Remarks
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Completed by:
Date:
Reviewed by:
Date:
Audit Procedures
Inventories
Response
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ories
Remarks
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Completed by:
Date:
Reviewed by:
Date:
Audit Procedures
1 Have we observed the physical verification?
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Inventories
Response
Remarks
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Completed by:
Date:
Reviewed by:
Date:
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Audit Procedures
1.Whether the records of the Inventory show the following
particulars:
(i) details regarding dates of transactions;
(ii) relevant document number and department identification, if any;
(iii) identification code of the item;
(iv) quantity of the receipts and issues and balances;
(v) physical verification quantities;
(vi) location;
(vii) particulars of the item, like nomenclature, nature, etc.
(vii) valuation details; etc.
2. Are the stock registers are updated as and when the
transactions occur?
3. Verify that the transactions entered in stock registers are duly
supported by relevant documents.
4. Verify whether inventories as per Register/Records
agree with General Ledger balances.
5. Obtain a statement of descrepancies obtained
and consider if they are material, whether the same
have been properly adjusted in the books of
account.
Inventories
Response
Remarks
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Completed by:
Date:
Reviewed by:
Date:
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Audit Procedures
Loans granted
Response
Remarks
Amount
involved
(In Rupees)
Year end
balance
(In
Rupees)
Notes:1. The requirement of this clause also covers advances which are in the nature of loans.
2. Loan transactions that have been squared up during the year also would get covered under the requirement.
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Completed by:
Date:
Reviewed by:
Date:
Audit Procedures
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Loans taken
Response
Remarks
Amount
involved
(In Rupees)
Notes:1. The requirement of this clause also covers advances which are in the nature of loans.
2. Loan transactions that have been squared up during the year also would get covered under the requirement.
0
Completed by:
Date:
Reviewed by:
Date:
Audit Procedures
1. The regularity of payment of principal
amount and interest should be considered
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Repayment of Loans
Response
Remarks
(In Rupees)
Overdue Principal Overdue Interest Year end Balance
Notes: 1. If a due date for payment of interest is not specified, it would be reasonable to assume that it falls due
on each anniversary of the loan.
2. Where no stipulations have been made for repayment of the loan, the auditor should state his inability to make
comments in the absence of terms of repayment.
0
Completed by:
Date:
Reviewed by:
Date:
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Audit Procedures
Loans overdue
Response
Remarks
0
Completed by:
Date:
Reviewed by:
Date:
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Internal controls procedures
Audit Procedures
Response
Remarks
1. On the basis of our understanding,
documentation and validation thereof in the
Myclient file-control activities in the areas of
Inventory cycle,property, plant and equipment
cycle,revenue and receivables cycle, review of
internal audit reports are we satisfied that there
are adequate internal control procedures
commensurate with the size of the company
and the nature of its business for the purchase
of inventory and fixed assets and for the sale of
goods? If not document the inadequacies and
weaknesses thereof and consider implications
for reporting.
Yes
2. Review the reports of internal audit, minutes
of the Board, Audit committee, management
committee, if any and anyother relevant internal
reports to identify major weaknesses in internal
controls and whether there is any continuing
faliure to correct such weaknesses.
Done
Done
Done
Notes: 1. Ordinarily, any weakness in internal controls that may result into a significant loss to the
company or may result in a material misstatement in the financial statements is considered a major
weakness.
2. Continuing failure should be judged with reference to the weakness that existed at the time of
previous year's audit.
3. If any major weakness is corrected by the date on which the audit report is issued the fact of such
correction subsequently must also be reported.
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Completed by:
Date:
Reviewed by:
Date:
Completeness of Register maintained under Section 301 of the Act and transactions thereof
Audit Procedures
Response
1.Has the company entered into transactions that need to be
entered into the register maintained under Section 301 of the
Act?
2.Obtain a list containing the name of the party, nature of
relationship, description of transaction and amount and date of
each such transaction individually for all the transactions during
the year.
3. Check the list for completeness of information with
reference to- knowledge from previous year's audit, review of
entity's procedures for identification of entries to be made in
301 register, inquiries as to the affiliation of directors and key
management personnel, officers with other entities, review of
shareholders records to identify the principal shareholders,
review of entity's income tax returns, review of joint venture
and other relevant agreements, minutes of board meetings, Form
24AAs submitted etc.,
4. In the case of transactions exceeding the value of Rs. five
lakhs in respect of any party and in any one financial year
examine information such as price lists, quotations and records
relating to prices for similar transactions with other
parties at the relevant time.
5.In cases where transactions are entered with sole suppliers
examine the reasonableness of prices paid with reference to list
prices of the supplier concerned, other trade terms of the
supplier, etc. and where required consider the same appropiately
in the report.
6. The reasonableness of the prices should be determined
taking into account factors such as delivery period, quality
of the product, quantity, credit terms, past performance of the
party etc.,
Notes: 1. The requirement of this clause does not cover transactions with subsidiaries perse unless one or more of the
directors of the company are interested in the subsidiary.
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Completed by:
Date:
Reviewed by:
Date:
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Audit Procedures
1. Has the Company accepted any deposits from
public within the meaning of Section 58A, 58AA and
the rules framed thereunder?
2. Obtain a general understanding of Section 58A,
58AA and the relevant rules and ascertain the
system and procedures in place to ensure
compliance with the provisions of the said sections
and the rules made thereunder.
3.Check the compliance with the requirements of the
Act and the rules framed thereunder by completing
the firm's checklist on Acceptance of deposit rules and
Companies Act 1956.
4. Examine the internal controls in place for intimating
the Tribunal (Company Law Board) any default in
repayment of deposit made by small investors or part
or any interest thereupon. Based on the
understanding so gained, perform a reasonable test
check of the deposits received from small investors.
5. Enquire of the management possible instances of
non-compliances with Section 58A, 58AA and
relevant rules and about any order passed by the
Company Law Board for contravention of Section 58A,
58AA and the rules.
6. Examine the correspondence and documents filed
with the Registrar of companies to ascertain whether
there is any contravention or whether the Company
Law Board has passed and order. If an order has been
passed, examine the steps taken by the company to
comply with the order.
Public Deposits
Response
Remarks
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Completed by:
Date:
Reviewed by:
Date:
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Audit Procedures
Internal Audit
Response
Remarks
Completed by:
Date:
Reviewed by:
Date:
Maintenance of Cost Records
Audit Procedures
Response
Remarks
1. Has maintenance of cost records prescribed
by central government under Section 209(1)(d)
to the company?
2. Obtain a list of books and records made
and maintained by the company under Section
209(1)(d) of the Companies Act,1956.
3. Conduct a general review of the cost records
to ensure that the records as prescribed are
made and maintained.
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Completed by:
Date:
Reviewed by:
Date:
Audit Procedures
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Statutory Dues
Response
Remarks
Completed by:
Date:
Reviewed by:
Date:
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Completed by:
Date:
Reviewed by:
Date:
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Completed by:
Date:
Reviewed by:
Date:
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Maintenace of documents and records for loans and advances granted
Audit Procedures
Response
Remarks
1. Whether the company has granted any
loans and advances on the basis of security
by way of pledge of shares, debentures and
other securities?
2. If yes, examine whether documents and
records include details such as- name and
address of the borrower, amount, terms and
conditions such as period, rate of interest,
security etc.,; disbursements, repayments,
recovery of interest; full particulars of
security- names of the companies, number and
class of shares, distinctive numbers, particulars
as to title etc; documents needed for transfer,
details as to periodical ackowledgements of the
parties, proof to establish the power of the
party to borrow- e.g. board resolution etc.,
3. Obtain a statement containing the details of
such loans granted-name of the party, amount
of loan/advance granted, amount outstanding
as the balance sheet date and type and nature of
security and verify the same on a reasonable
test check basis with documents and records
mentioned in 2 above.
4. Verify the securities pledged by reference to
physical securities or statements from
depository participants.In the case of
dematerialized form of securities confirm that
the company has a valid right to sell the
shares in the event of default.
5.Whether security is in the custody of company
and market value of security is adequate to cover
the outstanding amount of loan and interest?
Completed by:
Date:
Reviewed by:
Date:
Audit Procedures
1. Is the Company a chit fund company?
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Chit Fund Company
Response
Remarks
Completed by:
Date:
Reviewed by:
Date:
Nidhi/mutual benefit fund/societies
Audit Procedures
Response
Remarks
1. Is the Company a nidhi/mutual benefit fund/
society?
2. Check complaince with the followinga) whether the net ownedfunds to deposit
liability ratio is more than 1:20 as on the
date of balance sheet;
b) whether the company has complied with
the prudential norms on income recognition
and provisioning against sub-standard /
default / loss assets;
c) Whether the company has adequate
procedures for appraisal of credit proposals
/ requests, assessment of credit needs and
repayment capacity of the borrowers by examination
of the policies and procedures a reasonable test
check of the transactions effected during the year
with relevant documents such as individual borrower
files, loan application forms,supporting
documentation, sanctions, security documents etc.,
d) Whether the repayment schedule of
various loans granted by the nidhi is based
on the repayment capacity of the borrower
and would be conducive to recovery of the
loan amount by examination of the system of
granting of loans and making a reasonable test
check of transactions.
3. Ensure that the requirements of the rules regarding
the records to be maintained, returns to be filed etc.,
are complied with, where applicable.
4. Consider the implications of non-compliances
under 2 a) and b) above also in the auditors' report
on the financial statements.
Notes: 1. Net owned funds means the aggregate of paid up equity capital and free reserves as reduced
by accumulated losses and intangible assets appearing in the last audited balance sheet of the company
i.e. balance sheet of the current year.
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Completed by:
Date:
Reviewed by:
Date:
Dealing or Trading in Securities
Audit Procedures
Response
1.Is the company dealing or trading in shares, securities,
debentures and other investments?
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Remarks
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Completed by:
Date:
Reviewed by:
Date:
Audit Procedures
Date:
Date:
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Guarantees given
Response
Remarks
Notes:1. The requirement only applies to guarantees given for loans taken by others from banks or
financial institutions and not from other sources.
2. The requirement only relates to guarantees given during the year.
3. In determining whether the any guarantees given are prejudicial to the interest of the company,
factors such as financial standing of the party, its ability to borrow, nature of security offered,
availability of alternate sources of finance, urgency of the borrowing for which the guarantee was given etc.,
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Completed by:
Date:
Reviewed by:
Date:
Audit Procedures
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Utlisation of Term Loans
Response
Remarks
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Completed by:
Date:
Reviewed by:
Date:
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Utlisation of Funds
Audit Procedures
Response
Remarks
1.Obtain a statement containing the specific
terms of funds and details of use-amounts and
nature.
2. Compare the quantum of long term funds
with the long term application of funds.
3. Compare the quantum of short term funds
with the short term application of funds.
4. If the differences point towards use of short
term funds for long term investment and vice
versa , consider appropriately in reporting.
Notes: 1. Long-term sources of funds would include share capital, reserves and surplus, provision
for depreciation, long term debt securities, long term loans. Long term application of funds would
include investment in fixed assets, long term investments and other assets of similar nature,
repayment of long term loans and advances or redemption of debt securities, use for core working
capital etc., Short term sources of funds include temporary credit facilities like cash credits,
overdraft, reduction in current assets or increase in current liabilities etc., Short term application of
funds includes all application otherwise than for long term use, increase in current assets or
decrease in current liabilities etc.,
2. The requirement has to be determined on the basis of the overall picture of the sources and
application of funds based on the balance sheet of the company unless a one to one direct
relationship can be established between a particluar source and application.
Completed by:
Date:
Reviewed by:
Date:
Preferential allotment of shares
Audit Procedures
Response
1. Has the company made any preferential allotment of shares to
parties and companies covered in the Register maintained under
Section 301 of the Companies Act,1956?
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Remarks
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Completed by:
Date:
Reviewed by:
Date:
Audit Procedures
Home
Securites for Debentures
Response
Remarks
0
Completed by:
Date:
Reviewed by:
Date:
Audit Procedures
Home
sue Monies
Remarks
0
Completed by:
Date:
Reviewed by:
Date:
Audit Procedures
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Fraud
Response
Remarks
i.
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Clause No.
4(i) (a)
4(i) (b)
4(i)( c)
4(ii) (a)
4(ii) (b)
4(ii) ( c)
4(iii) (a)
Area/Requirement
Fixed Assets
Fixed Assets
Fixed Assets
Inventories
Inventories
Inventories
Loans granted
Loans taken
4(iii)(b)
Loans granted
Loans taken
4(iii)( c)
Loans granted or taken
4(iii) (d)
Loans granted or taken
4(iv)
Internal Controls
4(v)(a) & (b)
Register under Section 301etc.,
4(vi)
Fixed Deposits
4(vii)
Internal Audit
4(viii)
Cost Records
4(xi) (a) & (b) Statutory dues
4(x)
Accumulated losses etc.,
4(xi)
Dues to Banks & Fis etc.,
4(xii)
Loans and Advances granted
4(xiii)(a)
Chit Fund company
4(xiii)(a) to (d) Nidhi/mutual benefit fund/society
4(xiv)
Dealing or Trading in Securities
4(xv)
Guarantees
4(xvi)
Term Loans
4(xvii)
Funds raised
4(xviii)
Allotment of shares
4(xix)
Debentures
4(xx)
Money raised on public issue
4(xxi)
Fraud