Information For Clients

PARTICULARS SCOPE OF WORK OBJECTIVES
1. Review of existing system and Procedure their implementation, weaknessess therein & sugges- tion for improvements including MIS & costing system.    
2. Cash Book / Bank Book a) 100% checking a. Authorisation level and reasonable thereof.
Vouching of receipts & payments b) General Ledger Items full review. b. Review of Internal Control system for payment and collection policy and further improvement thereof.
    c. Intact banking of all receipts.
3. Petty Cash Book - Vouching of 6 months Depth checking a. Authorisation and reasonableness and fixing thereof of ideal imprest level
b. Policy for expenses to be routed through petty cash.
4. Bank Reconciliation :
a. Checking of bank reconciliation 100% checking a. Verification and authentication of our books with bank records.
b. Indepth analysis of unreconciled entries
c. Verification and product calculation over application of rate of interest including penal interest as per bank statement.
5. Surprise cash count/petty cash Once in every quarter/half year
6. Expenses Journal Vouching of entries 100% checking a. Ascertainment of genuineness, reasonableness, perodicity and authorisation level of various expenses and control thereof.
7. Purchases :    
a. Stores :    
i. Checking in depth
ii. Routine checking
iii. Purchase section -
 20-30 transactions once every Quarter a. Review of purchase policy and suggestion for improvement
audit of orders

iv. Stock records - Kardex Postings from GRR, requisition and issue sheets Review of
obsolete and slow 		20-25 transactions quarterly
HO : 100% checking

Factory : quarterly selective checking.
Selected few items 		b. Control over issue and consumption at production department including inspection for quality control on receiving material at factory
moving items quarterly.Input output analysis Periodically c. Establishment of Cot centre/profit centre Productwise at optimum level.
b. Raw Materials and Packing Material Full vouching
Indepth checking for few items for storekeeping. Review of Advances vs. Supplies once in every quarter		  
8. Sales :  
a. Invoices :    
i. Vouching Full a. Review of Credit policy and suggestion for improvement
ii. Depth checking
iii. Quantitative reconciliation to ensure billing of complete deliveries 		20-30 transactions
Selected few items on Depth Checking basis for ascertainment of pending order etc.		 b. Ageing analysis for better debtors turnover thereby improving Cash-inflow
c. Ascertainment of various adjustments through debit/credit notes
iv. Checking of sales contracts / orders Selected few items once every quarter  
v. Review of Contract Register / Super Stockist Once in every quarter to ascertain demand-supply gap.  
b.    
i. Job work Full Checking. Ascertainment of Cost-benefits/opportunity, cost analysis  
ii. Advance payment vs. supplies Review once in every quarter  
iii. Confirmations and physical Yearly Verification    
c. Checking of debit notes Full vouching  
d. Checking of credit notes a. Full vouching
b. Depth checking of major items
c. Review of general items 		 
e. Brokerage payable, if any, Depth checking for 20-30 transaction  
9. Journal :    
i. Checking of journal Vouchers
ii. Review of journal book/vouchers and selective vouching of important entries (other than monthly routine entries) e.g. Outstanding liabilities		 Full

Once in half year 		a. Ascertainment of various adjustment/year and entries their genuineness and authorisation thereof.
b. Vouching of genuineness of payments out of outstanding liabilities A/c etc.
10. Review of Ledgers/B/S Audit    
i. Suppliers Ledger
ii. Customers Ledger
iii. Subsidiary Ledger for expenses
iv. General Ledger
v. Suspense
vi. Advance to suppliers - for Repairs/capital goods/ Raw materials
vii. Advance from Super Stockist/ Job work
viii. Stock valuation - Raw materials Finished goods and Semi Finished goods
ix. Fixed assets Review
x. Social Audit Review 		  Compliance as per various Statutory requirements e.g. I.T. Act, Companies Act etc.
11. Salaries and Wages :    
Depth Audit
Routine checking of payroll 		Few selected employees
1 month every quarter 		a. Payment as per letter of appointment
(earnings, deductions etc. will be on test basis).   b. Internal control over payments particularly for field and factory staff.
Field Staff payment Once every quarter full Analytical review c. Statutory compliance.
12. Excise Duty :
Review of -    
i. Reconciliation of balances As per PLA and Excise Duty A/c. Once in half year a. Proper accounting and modvat credit thereof.
ii. Reconsiliation of short Recovery of excise duty/checking of Nonrecoverable items    
13. System review on Castings and Postings In ledgers/primary books Financial year ending  
14. Review of Quantitativ Reconciliation and record keeping Raw material Work in progress Finished goods Quarterly a. Control over receipt, consumption and Stocks-in-hand.
b. Statutory Compliance
15. Computer Package application/utility programme. Suggestion for improvements/ addition as and when situation demands/asked for.  
16. Coordination with outsiders for ERP Implementation & ISO Certification.    
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