Audit Checklist for a private company - NBFC 100 Cr Turnover. 5000 Cr AUM. Mumbai, Maharashtra based
1. Preliminary Steps
2. Compliance with Laws and Regulations
3. Internal Control Assessment
4. Financial Statement Review
5. Asset Management
6. Revenue Recognition
7. Liabilities and Provisions
- Check all invoices and bills received.
- Match liabilities against the general ledger.
- Ensure all liabilities are recorded within the correct period.
- Review contracts for any undisclosed liabilities.
- Cross-verify with supplier statements.
- Identify potential legal claims and disputes.
- Evaluate the likelihood of liabilities materializing.
- Document management's assessment of contingencies.
- Ensure proper disclosures in financial statements.
- Review historical data for similar past contingencies.
- Review tax returns and calculations.
- Evaluate any changes in tax regulations.
- Ensure provisions align with expected tax liabilities.
- Discuss with tax advisors for estimates.
- Check for any deferred tax assets or liabilities.
- Obtain loan agreements and documents.
- Verify terms such as interest rates and repayment schedules.
- Check for compliance with covenants in loan agreements.
- Confirm balances with lenders.
- Review any changes in borrowing arrangements.
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