Scribd
Upload
51 views

Statutory Audit Checklist

The document is a statutory audit checklist prepared by CA Rupa Jain Daga, detailing the vouching procedures for income, expenses, asset verification, liabilities, and compliance. It includes specific checks, required documents, and points to consider for each category, such as sales revenue, interest income, purchases, salaries, and statutory dues. The checklist serves as a comprehensive guide for auditors to ensure compliance and accuracy in financial reporting.

Uploaded by

ajdlotkza
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
51 views

Statutory Audit Checklist

The document is a statutory audit checklist prepared by CA Rupa Jain Daga, detailing the vouching procedures for income, expenses, asset verification, liabilities, and compliance. It includes specific checks, required documents, and points to consider for each category, such as sales revenue, interest income, purchases, salaries, and statutory dues. The checklist serves as a comprehensive guide for auditors to ensure compliance and accuracy in financial reporting.

Uploaded by

ajdlotkza
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 11

STATUTORY

AUDIT
CHECKLIST
Prepared By :
CA Rupa Jain Daga
Skillshort Edulife Pvt. Ltd.
A. INCOME ITEMS – VOUCHING
1.SALES / REVENUE
Check:
Sales invoices – serially numbered and GST compliant
Sales Register vs GSTR-1 vs GSTR-3B vs books
E-invoices (IRN/QR Code) for B2B sales (mandatory > 5 Cr)
E-way bill for goods transported
Documents: Invoice, Delivery Challan, E-Way Bill, GSTRs,
Bank Statement
Points:
Check cut-off around year-end
Check for reversal in case of sales return

2.INTEREST INCOME
Check:
Interest on FD, loans, deposits
Documents: Bank FD Certificates, Loan Agreements, Interest
Calculation Sheet
Points:
TDS u/s 194A reflected in 26AS
Interest booked on accrual basis

CARUPAJAINDAGA
3.OTHER INCOME (COMMISSION,
RENT, MISC)
Check:
Agreements/contracts
Documents: Rent agreements, Commission letters, Credit Notes
Points:
TDS u/s 194I (rent), 194H (commission) by the payer

B. EXPENSE ITEMS – VOUCHING


1.PURCHASE OF GOODS
Check:
Vendor Invoices – GST compliance
GSTR-2B vs books
Payment terms & ITC availed
Documents: Invoice, PO, GRN, Payment Proof, GSTR-3B/2B
Points:
ITC reversal if not paid within 180 days
MSME vendor payment timelines (Sec 43B(h))

CARUPAJAINDAGA
2.SALARY & WAGES
Check:
Salary sheet, attendance, offer letters
TDS u/s 192 deducted and deposited
Documents: Salary Register, Bank Transfer Proof, EPF/ESI Challans,
Payslips
Points:
Bonus, incentives, arrears verified
Verify Form 16, Form 24Q

3.RENT
Check:
Rent Agreement, TDS u/s 194I
Documents: Lease agreement, Rent Payment Receipts
Points:
Check if GST paid by landlord (> 20L turnover)

4.PROFESSIONAL FEES
Check:
Engagement letters, invoice breakup
Documents: Agreements, Bills, Payment proofs
Points:
TDS u/s 194J and GST applicability

CARUPAJAINDAGA
5.CONTRACTOR / JOB WORK
Check:
Job work order, quantity tracking
Documents: Job cards, invoices, TDS challans
Points:
TDS u/s 194C

6.TRAVELLING / CONVEYANCE
Check:
Travel policies, approvals
Documents: Tickets, Boarding pass, Hotel bills
Points:
GST input may not be allowed on some expenses
Only business-related expenses allowed under IT

7.COMMISSION
Check:
Commission agreements, proof of services rendered
Documents: Commission Bills, Bank Payment Proofs
Points:
TDS u/s 194H – 2%

CARUPAJAINDAGA
8.REPAIRS & MAINTENANCE
Check:
Capital or revenue in nature
Documents: Bills, AMC Agreements
Points:
GST @18%, TDS u/s 194C or 194J

9.ADVERTISEMENT
Check:
Actual publishing, dates, platforms
Documents: Media agency bill, screenshot or proof
Points:
TDS u/s 194C or 194J, GST @18%

10.INSURANCE
Check:
Premium period, asset covered
Documents: Policy, Payment Receipt
Points:
GST included (embedded), check for prepaid
C. ASSETS – VERIFICATION
1.FIXED ASSETS
Check:
Capitalization criteria, PO, Invoice, delivery
Documents: Asset Register, Invoices, Depreciation Schedule
Points:
Depreciation as per Schedule II
Sale of asset – GST & profit/loss

2.INVENTORY
Check:
Physical stock count, valuation method
Documents: Stock Sheet, Valuation Reports, GRNs
Points:
Valued at Cost or NRV (whichever lower)

CARUPAJAINDAGA
3.SUNDRY DEBTORS
Check:
Ageing report, balance confirmation
Documents: Ledgers, Confirmations, Agreements
Points:
Provision for doubtful debts

4.CASH & BANK


Check:
Cash counting report, bank reconciliation
Documents: BRS, Cash Register, Bank Statement
Points:
High cash withdrawals – suspicious?

CARUPAJAINDAGA
D. LIABILITIES – VERIFICATION
1.LOANS & ADVANCES
Check:
Loan agreement, purpose, interest rate
Documents: Agreement, Ledger, Bank entries
Points:
Section 185/186 compliance for companies

2.SUNDRY CREDITORS
Check:
Outstanding bills, aging report
Documents: Invoices, GRN, Confirmations
Points:
Check for debit balances

3.STATUTORY DUES
Check:
TDS, GST, PF/ESI returns and challans
Documents: Portal filings, payment proof
Points:
Check if dues paid before due date (Sec 43B)

CARUPAJAINDAGA
E. COMPLIANCE & SPECIAL
CASES
1.MSME VENDORS
Check:
MSME declarations
Points:
Payment done within 45 days?

2.CSR EXPENSES
Check:
Section 135 applicability
Points:
Not allowable under IT (Sec 37)

3.DONATIONS / PENALTIES
Check:
Donation receipt, 80G eligibility
Points:
Penalties not allowed as expense

CARUPAJAINDAGA
"Did You Find
This List
Helpful?"
COMMENT BELOW &
LET US KNOW!

CA RUPA JAIN DAGA

CARUPAJAINDAGA

You might also like