read Munish bhandari - Sec 295 to 301 Companies act 2013 - highlights to be done CARO Checklist - done Balance

sheet schedules - Done P&L Schedules - Done NOtes to accounts - to be done 3CD checklist - to be done MAT Depreciation - IT v/s Co's Act Deferred Tax Segment Reporting Related party disclosure Inventory valuation Warranty provisioning Revised sch Vi groupings and formats EPS Calculations & DEPS Accounting Standard treatments for AS 2, 3, 7,9,13, 15, 17, 19, 22 _ Practical aspects AS 1,4,5, 6, 10, 11, 12, 16,18,29 _ theoretical aspects As 14, 21, 23, 27, 25 _ academic aspects As 24, 28, 30, 31,32_ Just basic Audit Procedures - Each item in Trial balance Ledger Scrutiny Notes to accounts discloures:1. Share Capital Reconciliation of Shares outstanding - Beginning to ending Shares held by Holding/Subsidiary/Associates - Value & number Details of shareholding - more than 5% - name , numbers & % 2. Rate for calculating DTA/DTL & Also Computation of Income Corporate Tax Rates - Domestic Company Base rate = 30% of total income Surcharge: At the rate of 5% of such income tax, provided that the total income exceeds Rs. 1 crore. At the rate of 10% of such income tax, provided that the total income exceeds Rs . 10 crores. Education Cess: 3% of the total of Income Tax and Surcharge. 32.445 % or 33.99% (depending on surcharge) 3. Deferred tax WDV of Books > WDV as per IT = DTL and vice versa Recievables > 6 months due from due date of payment < 6 months Goods in transit - include freight, duty Revenue recognition on export - date of bill of lading Change in stock ( compare opening to closing) = Increase is credited to P/L , d ecrease is debited to P/L Consumption = Opg stock of RM Add RM Purchases less closing stock of Rm Stock in trade - ( bought out goods and sold as such) = Total Purchases Sales = Gross ( ie.e Sales less sales returns less discount plus excise duty) le ss excise duty FOB Value of exports - arrived from deductng insurance and freight cost from CIF Int us/ 234 B = total Tax liability - TDS = assessed tax AT paid < 90% of Assessed tax Shortfall = Assessed tax - advance tax

Interest = 1% pm for period till the date of paying SAT Interest us/ 234C Calculate assessed tax 4 installments by 15th June = Advance tax => min 12% on assessed tax by 15th sep =Advance tax => min 36% on assessed tax by 15th dec => Advance tax => min 75% on assessed tax by 15th march => 100% If the above is not complied , interest is levied like the below ( 1% pm, 3 mont hs for 3 installments and one month for march installment) Installment Amount on which interest calculated 1 15% of (Assessed tax - cumulative advance tax paid till date) 2 45% of ( assessed tax - cumulative advance tax paid ti ll date) 3 75% of ( assessed tax - cumulative advance tax paid ti ll date) 4 100% of ( assessed tax - cumulative advance tax paid ti ll date)

NRV = SP - Packing & Labelling exp - Salesmen commission Shortage in stock = dealt as material consumption Excess in stock = Take stock take and value inventory as per stock take or can p ass JV by debiting Stock a/c and crediting Capital a/c Audit of construction companies For any construction internal audit needs to cover at least following areas and checklist will be different for each are 1. Revenue Procurement of materials Pay ments Subcontracting Procurement of services, contract labours Administration st atutory compliance in respects of applicable laws like contract labour act, mini mum wages etc For Revenue Needs to verify following documents 1 Agreement with client 2. claus e of raising interim bills 3. periodic work certifications by professionals 4.pe riodic work certificates by internal employee/site in charge 5.Bills raised /iss ued to clients