Shiv Sai Infrastructure Private Limited
Audit Programme for FY- 2023-24
Particulars Checked by
1 Opening Balance
1.1 Check opening Balances of:
a General Ledger Substantially by
Harshit and
Ramanpreet
b Debtors Ledger Substantially by
Harshit and
Ramanpreet
d Creditors Ledger Substantially by
Harshit and
Ramanpreet
2 Vouching
2.1 Voucher includes the following
2.2 Receipt and Payment of cash Book and Bank Book Substantially by
including Petty cash Book Harshit and
Ramanpreet
2.3 Sales and purchase Vouchers are properly authorized Substantially by
and supported by necessary External evidence and/or Harshit and
internal documentation. Ramanpreet
2.4 Check adjustment in sales and purchases with debit note Harshit and Adarsh
and credit note(if any)
2.5 Transaction relate to the accounting year under audit? Substantially by
Harshit and Adarsh
3. Bank Book – Receipts and Payments
3.1 Checked bank reconciliation statement Harshit
- Outdated cheques to be reversed?
3.2 Checked reconciliation entries with clearance in next Harshit
month’s Bank Statement?
3.3 Check entries, which are appearing in bank statement Harshit
but not appearing in bankbook?
3.4 Checked credit/debit for bank interest and Fixed deposit Harshit
interest.
4 Journal Vouching
4.1 Check why debit balances have been written off or credit Adarsh and Harshit
balance written back?
4.2 Examination of vouchers in detail to identify entries Adarsh and Harshit
relating to earlier or subsequent period?
4.3 Are major journal vouchers verified with necessary Substantially by
evidence/explanation/workings? Harshit and Adarsh
4.4 Major vouchers verified authorized?
5. Purchases Register
5.1 Checked E-way bill quantity with invoices? Ramanpreet
5.2 All stocks are accounted for either as purchases or Ramanpreet
opening stock, with adjustments made for goods returns?
6 Statutory dues
6.1 Checked payments of salary and wages with registers Adarsh
and verified the same from bank statement.
6.2 Check statutory deductions of TDS and TCS and whether Adarsh
the amount deducted or collected has been paid on or
before the due date.
Also verify details of TDS amd TCS from quarterly
returns.
6.3 Checked calculation of bonus with reference to Harshit
provisions of payments of Bonus Act/Agreement?
6.4 Checked working of payments to contractors? Have Harshit
statutory deductions been made there from
6.5 Check whethe the GST liability is being paid on or before
the due date.
7 Capitalisation of Assets / Expenses
7.1 Checked all addition to assets with account heads and Adarsh
approvals?
8 Work in progress(unsold flats)
8.1 Check the calculation for closing Work in progress and
reconcile the same with change in inventory disclosed in
the statement of P/L
9 Borrowings
9.1 Obtain repayment schedule and verify whether amount is
being repaid as per the schedule.
Obtain confirmation from lenders regarding thr closing
outstanding amount and reconsile the same with books
of accounts.
10 Sales
1 Review of contract: Harshit, Shubham
Ensure that the major contract terms align with the and Adarsh
requirement of AS-7 for recognizing contact revenue.
2 Verification of revenue recognition method of: Harshit, Shubham
Validate the method for determining the stage of and Adarsh
completion.
Confirm that percentage of completion method is used
for revenue recognization.
3 Testing contract revenue Harshit, Shubham
Check wheter contact revenue amount can be reliably and Adarsh
measured.
4 Examination of contact cost: Harshit, Shubham
Verify that contract cost include only: and Adarsh
Direct Cost
Attributable overhead
Cost specifically chargable to the contract
5 Disclosure requirement: Harshit, Shubham
Confirm that Financial Statement disclose: and Adarsh
Total revenue recognised
Method for determining the stage of completion
Contract cost incurred and recognized profit
11 Purchases
6 Checked whether all materials included in stock been Harshit and Adarsh
recorded as purchases?
7 Whether goods refund been adjusted and excluded from Harshit and Adarsh
stock?
8 All claims for defective materials been adjusted? Harshit and Adarsh
12 DEPRECIATION / AMORTIZATION
9 Method of charging depreciation has been disclosed in Harshit and Adarsh
accounts.
10 Depreciation has been followed as per Schedule II or IT Harshit and Adarsh
Act, as applicable.
11 Verified the basis of amortization of intangible assets is in Harshit and Adarsh
accordance with AS-26?
12 Where any depreciable assets is disposed of, discarded, Harshit and Adarsh
demolished or destroyed, the net surplus or deficiency, if
material, has been disclosed separately?
13 General
13 Have accounts been prepared on accrual basis and as Harshit, Shubham
per basic accounting principal and Adarsh
14 Have all outstanding and known liabilities been provide? Harshit, Shubham
and Adarsh
15 What is the basis for providing gratuity? Append a note. Harshit and Adarsh
16 Has the entity accounted for all the known incomes Harshit, Shubham
accruing during the year? and Adarsh
17 Has income received in advance been properly adjusted? Harshit and Adarsh
18 Have you compared each item of accounts with previous Harshit, Shubham
years and inquired into major variations? and Adarsh
19 Have you scrutinized major expenses accounts in
particulars
a Building repairs Harshit and Adarsh
b Machinery repairs
c Other repairs
d Stores