Page 249 - DCOM204_AUDITING_THEORY

Unit 12: Cost Audit

15. Clause relating to Whether the company is Whether the company is regular Notes
deposit of Statutory regular in depositing PF in depositing undisputed
Dues and ESI dues and if not, the statutory dues including PF,
extent of arrears of PF and Investor Education and
ESI should be indicated. Protection Fund, ESI, Income Tax,
Also undisputed Sales Tax, Wealth Tax, Customs
outstanding statutory dues Duty, Excise Duty, cess and any
for a period of more than 6 other statutory dues and if not,
months has to be reported the extent of arrears of
outstanding statutory dues for a
period more that 6 months from
the date they become payable
should be indicated.
16. Clause relating to No such reporting required In case dues of sales tax/income
deposit of Statutory tax/custom tax/wealth
Dues (contd.) tax/excise duty/cess have not
been deposited on account of any
dispute, then the amounts
involved and the forum where
dispute is pending may please be
mentioned
17. Clause relating to Whether personal expenses Deleted
personal expenses have been charged to
revenue account, if so, the
details thereof should be
reported
18. Clause relating to Sick Whether the company is a Whether in case of a company
Industrial Companies sick industrial company as which has been registered for a
per SICA and if yes period not less than five years, its
whether a reference has accumulated losses at the end of
been made to BIFR the financial year are not less than
fifty per cent of its net worth and
whether it has incurred cash
losses in such financial year and
in the financial year immediately
preceding such financial year
also;
19. Clause relating to No such reporting required Whether the company has
default in repayment defaulted in repayment of dues to
of dues to banks / FI/ a financial institution or bank or
Debenture holders debenture holders? If yes, the
period and amount of default to
be reported.
20. Clause relating to No such reporting required Whether adequate documents
maintenance of and records are maintained in
records for loans or cases where the company has
advances granted granted loans and advances on
the basis of security by way of
pledge of shares, debentures and
other securities; If not, the
deficiencies to be pointed out.
21. Clause relating to No such reporting required Whether the company has given
guarantees given for any guarantee for loans taken by
Loans others from bank or financial
institutions, the terms and
conditions whereof are
prejudicial to the interest of the
company.

Contd...

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