Statutory Audit - Step 4

Statutory Audit - Step 4

Step 4: Verification of various registers and files:The auditors will also physically verify the stock-in trade, if any. The important files to be presented include:- Purchase bill – Sales Register – VAT payments and returns – Salary and wages – Fixed assets purchased – Trade license – Property Tax paid challans – E S I paid challan outstanding – Payment of advance tax – TDS certificates – Investment papers – Bank reconciliation statement. The audit team may put a company’s controls to test not only to see their effectiveness but also to verify that everything is actually present and not just on paper. Effectively, every asset and transaction will go through an audit trail to prove its legitimacy.

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