WHAT ARE THE DOCMENTS TO BE READY FOR THE F/YEAR END AUDIT
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Answer Posted / h.r. sreepada bhagi
Question is about the documents and not the reports.
For year end statutory audit, All Purchase Bills, GRNs,
Sales Invoices, Cash & Bank Payment & Receipt Vouchers,
Debit & Credit Notes (if any Bank Statements &
Reconciliation Reports, Agreements, Statutory records
relating to Commercial Taxes, Excise, Income Tax / TDS, ESI,
EPF, Gratuity, etc., and any other documents based on which
accounting transactions have been recorded. All these
documents are needed for verification (100% or random) to
substantiate the veracity of the transactions. Wherever
necessary, Confirmation of balances / statement of accounts
from the Creditors/Debtors are also required.
Trial balance can be generated from The Accounting system
and from this P&L A/c and balance Sheets are prepared.
What's mentioned above is only limited and exhaustive list
can be taken from the Statutory Auditors in the form of
Check List well in advance before the commencement of the
audit. To ensure a smooth & effective audit, audit plan
shall be in place and documents can be kept ready as required.
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