Forward from: CA Notes & Updates : Commerce Updates
Easy Trick to Answer Special Audit Question:
While answering any question from the Special Audit, first write any two points related to that topic. Then Add the following points to any question of your choice.
Just replace the blank with the question asked.
For Example, if question is asked about Audit of College, write two points relating to Audit of College (Students fee register etc) and then write following common points, by replacing the blank with 'College'.
(Use this trick only if you don't have time to prepare the entire chapter. It is always recommended to prepare topic fully)
Verification of Expenses:
Check the Invoices and Bills relating to the expenses of the ____ with that of Cash Book and Bank Statements. Also Verify if TDS has been deducted on eligible payments under the Income Tax Act.
Inventories:
Any Inventory of the __ shall be physically verified at the end of the year. Confirm if proper internal controls are in place to avoid the theft of inventories of the __.
Assets and Depreciation:
Check the Assets Balances and Number and confirm they are physically available. Verify if proper depreciation rates has been charged on the assets of the __.
Loans:
If the ___ has taken any loans, Vouch the loan agreements and if necessary, obtain certificate from the respective Financial Institution.
Cash In Hand:
Physically verify the cash in hand and imprest balance, at the end of the year and whether it tallies with the books of accounts of the ___ and Petty Cash Book.
Bank Balance:
Check the Bank Reconciliation Statements of the _, and ascertain the old outstanding and unadjusted amounts.
While answering any question from the Special Audit, first write any two points related to that topic. Then Add the following points to any question of your choice.
Just replace the blank with the question asked.
For Example, if question is asked about Audit of College, write two points relating to Audit of College (Students fee register etc) and then write following common points, by replacing the blank with 'College'.
(Use this trick only if you don't have time to prepare the entire chapter. It is always recommended to prepare topic fully)
Verification of Expenses:
Check the Invoices and Bills relating to the expenses of the ____ with that of Cash Book and Bank Statements. Also Verify if TDS has been deducted on eligible payments under the Income Tax Act.
Inventories:
Any Inventory of the __ shall be physically verified at the end of the year. Confirm if proper internal controls are in place to avoid the theft of inventories of the __.
Assets and Depreciation:
Check the Assets Balances and Number and confirm they are physically available. Verify if proper depreciation rates has been charged on the assets of the __.
Loans:
If the ___ has taken any loans, Vouch the loan agreements and if necessary, obtain certificate from the respective Financial Institution.
Cash In Hand:
Physically verify the cash in hand and imprest balance, at the end of the year and whether it tallies with the books of accounts of the ___ and Petty Cash Book.
Bank Balance:
Check the Bank Reconciliation Statements of the _, and ascertain the old outstanding and unadjusted amounts.