Statutory Audit - Step 3
Step 3: The Audit: The whole audit process works around four main areas. a) Cash b) Stocks c) Receivables d) Payables, e) Statutory requirements and records. The audit analysis may be clubbed under broad subheadings based on statutory requirements and records.
| Balance sheet | Profit and Loss account |
|---|---|
| Share capital Secured and unsecured loans Current liabilities and provisions Statutory payments and returns Fixed assets Inventories Investments Current assets: sundry, cash and bank balance, deposit | Sales and other income Purchase and other direct expenses Manufacturing expenses Administrative expenses Charges |
A good auditor will compile previous years’ (PY) working papers for reference. The team will thoroughly examine the company’s accounting systems and financial statements. The depth of inspection depends on the internal control assessment. If the control report is satisfactory, further testing is limited and if not, a more in-depth analysis is carried out. In the initial phase, auditors examine the Previous year’s copy of audited balance sheet, P&L statements, schedules, and the audit report.
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