Youtube – Check Points for Audit

Youtube – Check Points for Audit

Youtube – Check Points for Audit

Audit

 

 

What important points to be check while auditing ?

 

1.New Sales Order – https://mlgassociates.in/if-you-are-doing-your-sales-order-audit-correctly  (Click and Read)

2.New Customer – https://mlgassociates.in/new-customer-creation(Click and Read)

3.New HSN/SAC code and Recording Gate Outs – https://mlgassociates.in/new-hsc-sac-code-gate-out-record(Click and Read)

4.Good’s Reach Record –https://mlgassociates.in/youtube-audit-of-goods-in-transit(Click and Read)

5.Customer’s Payment Advice & E-way Bill Audit- https://mlgassociates.in/youtube-audit-of-customer-payment-advice-e-way-bills(Click and Read)

Now here we are adding some more small yet important new points in this.

 

Bill to Ship to Shipment

 

Generally manufacturing industries & B2B suppliers doesn’t face these kind of shipments but packaging industries sometimes gets bill to ship to shipment when they have to Bill to head office and ship to is made to different contractors.

What point to be checked while auditing ‘Bill to Ship to‘ Invoices ?

Place of Supply should be on Bill to basis not on ship to basis.

 

Signature on  the Invoice

 

 

Invoice either has to be digitally signed or physically signed by authorised signatory according to Rule 46.

Service Invoice

 

 

Any New Service invoice entered in this month or not ?

Proper SoP is followed or not ?

 

Inter-unit Head office expense

 

 

inter unit head office expense has been made or not. As most of the companies has multiple units now they should also have inter unit billing as its necessary.

 

On A/c Receipts

 

 

You should know payment made by customer is against which bill. So that you can knock off the bills easily and you and your customer’s books should also gets reconcile easily.

Sale of inputs cleared ‘as such’

If you have cleared your inputs as such means you procure and arrange any  material and then supply it to your vendor.

How you costs it ?

How you created its Ledger heads ?

Have you included it in your sale or purchase ?

What are your companies SoP for this ?

 

Sale of Old Machinery

If you sold any machine, car, truck, furniture or any other asset in this month ?

Invoice is made or not ? & GST had paid or not ?

Fixed Asset register has been updated or not ?

 

Scrap Sale

 

 

Proper invoice made for scrap sale ?
TCS has been deducted or not as applicable ?
If their is any low rate or 0 rate TCS certificate or any declarations according to 27C.
If TCS charged is correct or not ?

Other Sources of Income

 

 

Proper Accrual made?

Income from Job Work

Income from Services ?

Income from FDS ?

Income from Security Interest ?

Income Tax Refund ?-Payment made from government

 

Return from Customer

If return from customer is properly gets account for in your books or not ?

Again book the proper sale return.

Check what happens to customer return. Is it in inventory ?

Customer Debit note is received with material or not ?

Avoid double IRN.

Customer Reconciliation is also important once in 2 or 3 months of 80 % party.

 

 

 

For more information and clarity watch the video below by – Mr. Sangeet Kumar Gupta, F.C.A and Co-founder of Finsys .

 

Video Shot at Jaipur Marriot

 

MLG Associates

 

What are the good things you must see during audit of the Sales Side. Debtors, Prices, Sale order and so many things.. Practical Ideas.

 

 

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