Check List For The Chartered Accountant To Be Attached With Draft Accounts

CHECK LIST FOR THE CHARTERED ACCOUNTANT
TO BE ATTACHED WITH DRAFT ACCOUNTS
NAME OF CLIENT:
Statutory Audit for the year ended :
S.No Particulars Remarks
1 Have you seen the statutory books as under:

Minute Books
( List of Minutes & Status also annexed)
General Meeting Book
Other Statutory Registers
2 Have the investments been physically

verified by you. If yes, date of verification
and comments thereon
3 Applicability of CARO 2003:
Is it a public company?
Is it a private company (including a foreign company)
with capital and reserves exceeding Rs.50 lakhs or
loan outstanding exceeding Rs.25 lakhs from any
bank or financial institution? Or
a turnover exceeding Rs. 5 crores at any time during
the financial year?
In view of the above is CARO 2003 applicable?
4 Have you checked whether it is a SMC or Non-SMC

Enterprise? Please mention the category
I) Have you checked the applicability and relaxations in

respect of accounting standards in accordance with the above
categorization and applied them in the accounts
under audit?
NON SMC (Small & Medium Sized Company)Enterprises

Listed or in the process of being listed or
having turnover(excluding other income) for last accounting
period exceeding Rs.50 crore or
having borrowings including public deposits exceeding Rs.10
crore at any time during last accounting period or
Page 1
NAME OF CLIENT:

holding and subsidiary company of any of the above at any
time during the accounting period
( All accounting standards are applicable to Non SMC
enterprises)
SMC Enterprises
Not Listed or not in the process of being listed or
having turnover(excluding other income) for last year not
exceeding Rs.50 crores for last accounting period or
having borrowings including public deposits exceeding not
exceeding Rs.10 crores at any time during last accounting
period or not a bank or financial
institution or an insurance company holding and subsidiary
company of any of the above at any time
during the accounting period
(Fully exempted from AS-3, AS-17, AS-21, AS-23, and AS-
27 and
Partial relaxation from AS -15, AS-19, AS-20, AS-25
AS-28 AND AS-29)
ii) Have you checked compliance with all

applicable mandatory accounting standards?
More specifically, have you checked compliance and

iii) disclosure requirements of
AS-3 Cash Flow Statements (in case of Non-SMC)
AS-15 Employee Benefits
AS-17 Segment Reporting (in case of Non-SMC)
AS-19 Leases
AS-22 Accounting for Taxes on Income
AS-26 Intangible Assets
AS-28 Impairment of Assets
Page 2
NAME OF CLIENT:

AS-29 Provisions,Contingent Liabilities and
Contingent Assets
Have you checked compliance with Accounting Standards

iv) Interpretations and revisions to accounting standards
wherever applicable?
v) Have you checked the applicability and compliance

with all applicable Guidance Notes
issued by the Institute?
5 Is the entity under audit

I) required to get Tax Audit done?
(Total sales,turnover,or gross business receipts in the year
exceeds Rs.40 lakhs or Gross professional
receipts in the year exceeds Rs.10 lakhs)
ii) required to get Transfer Pricing Audit done?

(Existence of international transaction between associated
enterprises)
(in case of a company), required to get Secretarial Compliance

iii) Certificate?
(Paid up capital of Rs.10 lakhs but not
more than Rs.2 crores)
iv) (in case of a company), required to keep a Company

Secretary?
(Paid up capital of Rs.2 crores or more)
6 Have you checked for any increase in capital?

If yes, your comments thereon
7 Have you checked the loan fund - increase in

loans , details, documents seen and verified
and charge registration.
Formalities for public deposit complied with
Page 3
NAME OF CLIENT:
8 Have you checked the Fixed Assets Register?

If yes, the date
Are the additions /deletions properly documented?
9 Have you verified the liabilities/ contingent liabilities?

If yes have all documents / certificates given to you.?
Have you looked into Bonus, Gratuity, Leave salary, etc

and the amendments in the respective acts?
10 Have you checked the provision for income tax,

dividend, transfer to reserve? Are they in
accordance with the respective laws and schedules?
11 a) Have you verified the List of directors as on date?
Have you taken List of Companies under the same

b)
management?
12 Have you verified the appointment of auditors

and obtained necessary resolution thereof?
13 Have you verified the stocks and was a

physical verification conducted?
Is the valuation of stocks is in accordance with

accounting standard (AS-2)?
14 Were the balance confirmation circularized?

The date and response
Debts and advance due for more than one year

whether scrutinized by you for ascertaining doubtful?
Page 4
NAME OF CLIENT:

15 Have you obtained details of all suits
filed for and against the company and
scrutinized them for any notes?
Have you scrutinized pending cases

of sales tax,excise, VAT, service tax and income tax, Fringe
Benefit Tax?
Have you checked and taken copies of returns of
Tax Deducted at Source?
Service Tax?
Fringe Benefit Tax?
Value Added Tax and CST?
Excise Duty?
16 Have you obtained all details in respect of

dealings with group companies and where
directors are interested?
Have proper disclosures being made

of such transactions and debit/credit
balances?
17 Have you gone through notes to accounts

for any new changes especially in view of
compliance with accounting standards as applicable?
18 Have you checked the disclosure requirements to be made

in the Notes to Accounts with respect to the recently
enacted MSMED Act, 2006 ?
19 Is depreciation according to the guidelines and accounting

standard?
Have you test checked the same?
Page 5
NAME OF CLIENT:
20 Is managerial remuneration within limits as

required and proper resolution obtained for
the same?
21 Have you got copies of internal audit report

and obtained detailed comments on
internal controls?
22 Special remarks with relation to issues raised

in previous year?
23 Have you :
discussed the work done by the staff?
seen the duly completed file,?
got the necessary schedules and certificates?
the necessary Audit Check List ? And
Audit Program in the file?
24 Annexure for pending issues?
ANNEXURE
List of all pending matters as on the date

when presenting these accounts to the
concerned Partner for finalization
Page 6
NAME OF CLIENT:
SIGNATURE
DATE:
Page 7

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CHECK LIST FOR THE CHARTERED ACCOUNTANT

TO BE ATTACHED WITH DRAFT ACCOUNTS

Statutory Audit for the year ended :

S.No Particulars Remarks

1 Have you seen the statutory books as under:

General Meeting Book

Other Statutory Registers

2 Have the investments been physically

3 Applicability of CARO 2003:

4 Have you checked whether it is a SMC or Non-SMC

I) Have you checked the applicability and relaxations in

NON SMC (Small & Medium Sized Company)Enterprises

Statutory Audit for the year ended :

S.No Particulars Remarks

ii) Have you checked compliance with all

More specifically, have you checked compliance and

AS-3 Cash Flow Statements (in case of Non-SMC)

AS-15 Employee Benefits

AS-17 Segment Reporting (in case of Non-SMC)

AS-22 Accounting for Taxes on Income

AS-26 Intangible Assets

AS-28 Impairment of Assets

Statutory Audit for the year ended :

S.No Particulars Remarks

Have you checked compliance with Accounting Standards

v) Have you checked the applicability and compliance

5 Is the entity under audit

ii) required to get Transfer Pricing Audit done?

(in case of a company), required to get Secretarial Compliance

iv) (in case of a company), required to keep a Company

6 Have you checked for any increase in capital?

7 Have you checked the loan fund - increase in

Formalities for public deposit complied with

Statutory Audit for the year ended :

S.No Particulars Remarks

8 Have you checked the Fixed Assets Register?

Are the additions /deletions properly documented?

9 Have you verified the liabilities/ contingent liabilities?

Have you looked into Bonus, Gratuity, Leave salary, etc

10 Have you checked the provision for income tax,

11 a) Have you verified the List of directors as on date?

Have you taken List of Companies under the same

12 Have you verified the appointment of auditors

13 Have you verified the stocks and was a

Is the valuation of stocks is in accordance with

14 Were the balance confirmation circularized?

Debts and advance due for more than one year

Statutory Audit for the year ended :

S.No Particulars Remarks

Have you scrutinized pending cases

Have you checked and taken copies of returns of

Tax Deducted at Source?

Fringe Benefit Tax?

Value Added Tax and CST?

16 Have you obtained all details in respect of

Have proper disclosures being made

17 Have you gone through notes to accounts

18 Have you checked the disclosure requirements to be made

19 Is depreciation according to the guidelines and accounting