| Capital Account/ Share Capital |
| ** Movements in share capital |
| ** Buy Back prodedure to be followed if there is any buy back |
| ** Fresh issue procedure to be followed if there is any fresh issue |
| ** Inflow in capital accounts |
| ** FIRC Copies and RBI approval from foreign inwards towards capital |
| ** Share application money pending allotment |
|
| Reserves and Surplus |
| ** Movements in reserves and surplus |
| ** Types of Reserves |
| ** Specified reserve to be used for specific purpose |
| ** Distribution of Surplus if any during the year |
|
| Secured Loan Analysis |
| ** Terms and conditions of the loan |
| ** Interest calculation |
| ** Repayment schedule of the loan |
| ** Charge creation if any , hypothecation on assets and creation of equitable mortgage |
| ** Calculation of Interest accrued but not due |
| ** Calculation of Interest accrued and due |
|
| Unsecured Loan Analysis |
| ** Agreement with parties |
| ** Loan taken from directors |
| ** Terms and conditions of the loan |
| ** Interest calculation |
| ** Repayment schedule of the loan |
| ** Application of sec 269SS and T |
|
| Provision calculation – Liability |
| ** Provision for Interest Payments |
| ** Provision for Expenses |
|
| Statutory Liability Provisions in respect of |
| **ESI |
| **EPF |
| **Leave Encashment |
| **Tax Provision (115JB and Credit calculations) |
| ** Deferred Tax |
| **Wealth Tax Provision |
| **Bonus Provision— Exgratia |
| ** TDS/ TCS Payable |
| ** Professional Tax |
|
| Other Provision |
| *Excise duty on final Finished Goods |
| * Goods in transit valuation |
| *Provision for Royalty and Techincal Fees |
| * Price reduction |
| *Warrenty Provision |
| *Employee Benefits Provision as per AS-15 |
| *Provision for Bad debts |
| *Audit Fees |
| Provision Reversal entry |
| * Excise duty on the opening—- Reversal to Excise duty of Current year |
| * Goods in transit —- Reversal to Purchase of current year |
|
| Accrued Incomes |
| * Interest Receivable-for Loan and advances |
| * Bank interest reconcilation with TDS Receivable Certificates |
|
| Creditors ledger Analysis |
| ** Creditors ledger Review |
| ** CRS having negative balance and reasons for the same |
| ** Balance Confirmations |
| ** Prepare Aging Analysis for More and less than 6 months |
|
| Debtors ledger Analysis |
| ** Debtors ledger Review |
| ** DRS having negative balance and reasons for the same |
| ** Balance Confirmations |
| ** Prepare Aging Analysis for More and less than 6 months |
|
| Cash & Bank Analysis |
| * Cash vouching & Bank vouching |
| * Cash payment not exceed Rs20000( Relevant section in IT 269SS and T) |
| * Only Bank payment above Rs20000 |
| *All Bank reconcilation and their confirmation from bank |
|
| Bank Interest calculation and Recognition |
| * all FDR and TDS Certificates and Interest Workings |
| * All deposit |
| * Match with PL with Interest received. |
|
| Fixed Asset Addition and Deletion analysis |
| * Fixed Assets Register Analysis and copies of all invoices |
| * Prepare the Compay Dep as per Sech XIV |
| * Disposal of Assets and Management confirmation for such |
| *Profit and loss of sale of assets |
| *Reversal of Depreciation for the sale of assets during the year |
| *Reconcilation of Assest Deletion with IT Dep and Comp Dep |
| *Reconcilation of Addition with IT and Company – If any diff in IT that should be in the nature of 43A Capitalization portion only. |
| *Verification of Depreciation entry for the current year |
|
| Closing Stock valuation and Mgmt certificates |
| * Stock Valuation Sheet Certified by the Management |
| * Qty Wise Reconcilation with Excise Records |
| * Qty wise production and sale during the year |
| * Input and Output Ratio for Raw Materials |
| * Provision on FG |
| * Valuation method adopted for WIP and FG |
| *RM stock Valuation |
|
| Investments |
| * List of Investment |
| * List of investment made during the year |
| * List of investment sold during the year |
| * Valuation of the quoted investments |
| * Valuation of unquoted investments |
| * Nature of investment long term/ Short term |
| * Dividend receivable |
| * Interest Accrued but not received during the year |
| * Interest Received during the year |
| * Investment fluctuation reserve if any |
| * Match with TDS Receivable certifcates for Interest accuracy |
|
| Deposits |
| ** Verification of Deposit certificate |
| ** Confirmation for such deposits |
| ** Agreement if any for such deposits |
|
| Loans and Advances |
| ** Terms and conditions of the loan |
| ** Interest calculation |
|
| Inter corporate loan |
| * Check whether any provision in the AOA |
| * Sec 372A Not applicable for Private Company |
| * Check the agreement and interest provision |
|
| Foreign Exchange Rate Fluctuation Calculation |
| ** As Per AS 11 |
| ** ECB Loan Fluctuation |
| ** Export Sale Fluctuation |
| ** Capital Goods Fluctuation –Sec 43A of Income Tax |
| ** Segregation of Forex between RM and CG |
| ** Re state of Closing balance as per March — Closing Rate – ONDA Site |
| **Exim Bank rate fluctuations |
| **Restatement of Import Purchase liability and Exim Bank |
|
| Confirmation of Balances for |
| ** All bank account |
| ** All Bank FDR |
| ** All Major Debtors |
| ** All Major Creditors |
| ** All Deposits |
|
| Preparation of Check List for Applicabilty of AS |
|
| Responsibilty of Management and Finance Head |
| Final Tally Backup , Excel soft copy, TB Print, |
| Detailed TB and duly singed by MD/ Finance head/Management |
|
| Audit Team Certification for |
| ** Opening balance verification |
| ** Closing Balance verification |
| ** Latest print out/ final print soft copy |