Page 248 - DCOM204_AUDITING_THEORY

Auditing Theory

Notes Whether transactions are Same as MAOCARO. However,
effected at market prices. the limit of ` 50,000/- has been
Reporting required only for increased to ` 5,00,000/-
transactions exceeding `
50,000/-
10. Clause relating to Whether any unserviceable Deleted
unserviceable or or damaged stores, raw
damaged stores, raw materials or finished goods
materials or finished are determined and
goods. whether provisions for the
loss, if any, have been made
in the accounts
11. Clause relating to If the company has Same as MAOCARO. However, if
acceptance of public accepted Public Deposits, an order has been passed by CLB
deposits whether directives issued in respect of contraventions made
from RBI, provisions of by the company, whether the
section 58A of the same has been complied with or
Companies Act 1956 and not has to be reported.
the rules framed there
under have been complied
with. If not, the nature of
contravention's have to be
reported
12. Clause relating to Whether the company is Deleted
maintenance of maintaining reasonable
records for sale and records for sale and
disposal of by- disposal of realizable by-
products/scrap products/scrap
13. Clause relating to Whether the company has Same as MAOCARO. However,
Internal Audit System adequate internal audit applicable only for companies
system. Applicable only for with paid-up capital and reserves
companies with paid-up exceeding ` 50 lakhs as at the
capital exceeding ` 25 lakhs commencement of the financial
or having an average year concerned or having an
annual turnover exceeding average annual turnover
` 2 Crs. for a period of 3 exceeding ` 5 Crs. for a period of
consecutive financial years 3 consecutive financial years
immediately preceding the immediately preceding the
financial year concerned. financial year concerned
14. Clause relating to Where maintenance of cost Same as MAOCARO
Cost Accounting records has been prescribed
Records by the Central Government
under clause (d) of sub-
section (1) of section 209 of
the Act, whether such
accounts and records have
been made and maintained;

Contd...

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