VijayaDurga Audit Plan

1. Debtors Aging

1. AS 13 Investments

   Annotations:

   • Provision for dimunition in the value of investments made probably for recognizing a permanent decline but it has not been made on a category of investments basis but as a whole
2. AS 3 Cash Flow Statements
3. AS20 Earnings Per Share
4. AS21 Consolidation of Financial Statements
5. AS 29 Provisions, Contingent Assets and Contingent Liabilities
6. AS18 Related Parties

1. Purchases

   Annotations:

   • verified with vendor invoices and purchase return are verified with credit note entries
   • what date shall be considered for purchases whether material reception date or order date
2. Sales

   Annotations:

   • Sales vouchers are generated from the tally itself hence a test check of those has been done
   • To attain reasonable assurance as to the occurence of the sale, the purchase order placed by the seller with vijayadurga has been randomly verified
   • Discrepancies in the sale prices in relation to related parties has to be taken into consideration
3. Expenses

   Annotations:

   • Expenses yet to be vouched with the vouchers-done
   • cash vouchers and bank vouchers - done

   Attachments:

   • VijayaDurga Audit Plan

1. SA 550 Related Parties
2. SA580 Written Representations

1. Assets purchased this year

   Annotations:

   • Generator, Car, Motor Vehicle Purchased
   • Check whether they were valued properly with the invoices and reduce the TCS amount if capitalized as fixed asset-TCS 38000 and reg charges 42000
   • What about the TCS which should have been collected by Vijaydurga for selling their old car
   • And calculate depreciation properly on all the assets as per companies act and income tax act
   • Loan of 25 lakhs taken for buying a car and was paid to ravindu mototrs the same was refunded by them- since the reception of the loan amount was not on time, Vijayadurga have themselves paid for the car and when Ravindu Motors received the loan amount from Kotak Mahindra Bank, the additional balance was refunded.
2. Investments

   Annotations:

   • check the portfolio contents and check whether any changes occured like sale of shares or delisting of scrip etc
3. Check the deposits made

   Annotations:

   • All fine except Rs. 500000 SVC deposit
4. Debtors

   Annotations:

   • credit balance of debtors
   • debtors pending from a long time hwether they can be written off
5. provision for dimunition in the value of investments

1. MAT
2. Deferred TAx
3. compliance with TDS provisions

1. Bank Entries verified
2. TDS with 26AS
3. VAT CST Reconciliation

Annotations:

• check resolutions passed wherever relevant
• transfer of kirloskar batteries from advance from customers to loans and advances