This document provides an overview of auditing, including the purpose and types of audits. It discusses financial audits in depth, covering auditing an organization's financial statements, project financial statements, statements of expenditures, and special bank accounts. It also addresses standards, requirements for auditors, selecting auditors, terms of reference, management letters, and financing audit costs. The overall purpose of an audit is to provide assurance that activities have been performed according to applicable standards by obtaining and evaluating evidence.
The document discusses internal controls and their importance for auditing. It defines internal controls as policies and procedures adopted by management to achieve objectives like ensuring orderly and efficient operations, safeguarding assets, and preparing reliable financial reports. The two main components of internal controls are the control environment and control procedures. The control environment reflects management's attitude towards controls, while control procedures are specific policies that help achieve objectives. Understanding internal controls is essential for auditors to plan the nature, timing, and extent of audit procedures.
Audit of property plant & equipment (PPE) and cash & cash equivalents (CCE)MD ASADUZZAMAN
Audit procedure of PPE & cash and cash equivalents. It's a complete package for the auditor to audit PPE & cash. However, if any correction or any suggestion is required to develop my slide please don't hesitate to let me know
This document summarizes the key requirements of IAS 1 regarding the presentation of financial statements. It outlines the general purpose and components of financial statements, including statements of financial position, comprehensive income, changes in equity, and cash flows. It describes the general features that financial statements must adhere to, such as fair presentation, going concern basis, accrual accounting, materiality and offsetting. It provides details on the minimum line items that must be presented in each financial statement and notes. In the end, it gives examples of how Burj Bank implemented IAS 1 in its own financial statements.
Amendments to Schedule III to the Companies Act, 2013Taxmann
With the coming financial year 2021-22, the companies and auditors have to deal with tons of new disclosure requirements while preparing and presenting financial statements and audit reports. There has been a wide range of implications on financial reporting that should be considered while preparing the financial Statements and one among these covers the recent amendments in Schedule III to the Companies Act, 2013. Let’s hear expert’s opinion on the changes and its nearest impact on the companies and the auditors.
The document discusses internal financial controls (IFC) and internal financial controls over financial reporting (ICFR) as required by the Companies Act 2013 in India. It defines IFC and ICFR and explains who is responsible for them according to the Act, including directors, auditors, and audit committees. It outlines how IFC can help companies beyond compliance, the objectives of IFC coverage, key highlights from ICAI guidance, and penalties for non-compliance. Finally, it describes how the consulting firm A.P. Doshi & Co. can help companies with IFC implementation, documentation, testing, and reporting.
The document summarizes the key points from the Annual Bank Audit Conference organized by ICAI Madurai Chapter. It discusses definitions of banking and auditing. It outlines considerations for branch audits including regulatory requirements, increasing frauds, and technology changes. It describes the peculiarities of bank audits and auditing standards to be followed. It provides details on audit procedures for deposits, income/expenditure, advances including NPAs, balance sheet, and other areas. It discusses audit reporting and Long Form Audit Report (LFAR) submission.
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board
This document provides an overview of auditing, including the purpose and types of audits. It discusses financial audits in depth, covering auditing an organization's financial statements, project financial statements, statements of expenditures, and special bank accounts. It also addresses standards, requirements for auditors, selecting auditors, terms of reference, management letters, and financing audit costs. The overall purpose of an audit is to provide assurance that activities have been performed according to applicable standards by obtaining and evaluating evidence.
The document discusses internal controls and their importance for auditing. It defines internal controls as policies and procedures adopted by management to achieve objectives like ensuring orderly and efficient operations, safeguarding assets, and preparing reliable financial reports. The two main components of internal controls are the control environment and control procedures. The control environment reflects management's attitude towards controls, while control procedures are specific policies that help achieve objectives. Understanding internal controls is essential for auditors to plan the nature, timing, and extent of audit procedures.
Audit of property plant & equipment (PPE) and cash & cash equivalents (CCE)MD ASADUZZAMAN
Audit procedure of PPE & cash and cash equivalents. It's a complete package for the auditor to audit PPE & cash. However, if any correction or any suggestion is required to develop my slide please don't hesitate to let me know
This document summarizes the key requirements of IAS 1 regarding the presentation of financial statements. It outlines the general purpose and components of financial statements, including statements of financial position, comprehensive income, changes in equity, and cash flows. It describes the general features that financial statements must adhere to, such as fair presentation, going concern basis, accrual accounting, materiality and offsetting. It provides details on the minimum line items that must be presented in each financial statement and notes. In the end, it gives examples of how Burj Bank implemented IAS 1 in its own financial statements.
Amendments to Schedule III to the Companies Act, 2013Taxmann
With the coming financial year 2021-22, the companies and auditors have to deal with tons of new disclosure requirements while preparing and presenting financial statements and audit reports. There has been a wide range of implications on financial reporting that should be considered while preparing the financial Statements and one among these covers the recent amendments in Schedule III to the Companies Act, 2013. Let’s hear expert’s opinion on the changes and its nearest impact on the companies and the auditors.
The document discusses internal financial controls (IFC) and internal financial controls over financial reporting (ICFR) as required by the Companies Act 2013 in India. It defines IFC and ICFR and explains who is responsible for them according to the Act, including directors, auditors, and audit committees. It outlines how IFC can help companies beyond compliance, the objectives of IFC coverage, key highlights from ICAI guidance, and penalties for non-compliance. Finally, it describes how the consulting firm A.P. Doshi & Co. can help companies with IFC implementation, documentation, testing, and reporting.
The document summarizes the key points from the Annual Bank Audit Conference organized by ICAI Madurai Chapter. It discusses definitions of banking and auditing. It outlines considerations for branch audits including regulatory requirements, increasing frauds, and technology changes. It describes the peculiarities of bank audits and auditing standards to be followed. It provides details on audit procedures for deposits, income/expenditure, advances including NPAs, balance sheet, and other areas. It discusses audit reporting and Long Form Audit Report (LFAR) submission.
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board
SA 230 outlines requirements for audit documentation. Audit documentation includes records of audit procedures performed, relevant audit evidence obtained, and conclusions reached. Documentation must be dated and signed, with all significant matters documented. Documentation assists the audit engagement, enables accountability, and allows for quality reviews and inspections. Sufficient documentation must be prepared to enable an experienced auditor to understand the size and complexity of the entity, nature of audit procedures, significant matters, and conclusions. Documentation includes audit programs, summaries, issues memos, and confirmations. The final audit file must be assembled within 60 days of the audit report date and retained for 7 years.
This document discusses the concept of materiality in auditing. It defines materiality and outlines a three-step process for considering materiality: 1) determine planning materiality, usually using benchmarks like 5% of pre-tax income; 2) determine tolerable misstatement levels for accounts; 3) evaluate audit findings by aggregating misstatements and comparing to planning materiality. If aggregate misstatements exceed planning materiality, the client needs to adjust financial statements or the auditor may issue a qualified opinion. Materiality is assessed based on how a reasonable user would be influenced by misstatements.
ISA 540 (Revised) enhances audit requirements for accounting estimates with high estimation uncertainty. Key changes include emphasizing inherent risk factors like estimation uncertainty, complexity, and subjectivity in risk assessments. It introduces objectives-based work requirements focused on methods, assumptions, and data, and enhances requirements on controls testing and disclosures. The standard is intended to be scalable and promote professional skepticism. An implementation working group is providing support and guidance to facilitate adoption.
This document summarizes the key aspects of conducting an audit of a bank. It outlines the stages of a bank audit which include audit planning, evaluation of internal controls, preparing an audit program, and submitting an audit report. It also discusses the different types of audits banks undergo, including statutory audits mandated by regulators. The document emphasizes the auditor's role in ensuring the bank has followed all applicable rules, regulations, and guidelines. It also differentiates between performing and non-performing assets for the purposes of the audit.
Accounting Standard 1 discusses the disclosure of accounting policies. Accounting policies refer to the specific principles and methods used to prepare financial statements, such as the methods of depreciation, treatment of construction expenditures, currency conversion, and inventory valuation. Disclosing all significant accounting policies together is helpful for readers to understand and compare financial statements. Fundamental assumptions like going concern, consistency, and accrual must be followed. Selection of policies should exhibit a true and fair view while considering prudence, substance over form, and materiality. Changes in policies are allowed if required by statute, compliance with standards, or to provide a more appropriate presentation.
The document discusses the key aspects of accounting for borrowing costs as per Ind AS 23. It defines borrowing costs and qualifying assets. It covers the recognition, capitalization, suspension and cessation of capitalizing borrowing costs to qualifying assets. It also provides examples to illustrate the treatment of exchange differences and disclosures required.
This document defines intangible assets and provides guidance on their recognition, measurement, amortization and disclosure. Key points include: intangible assets lack physical substance but provide future economic benefits; recognition criteria are future benefits are probable and cost reliably measured; measurement depends on whether asset is internally generated or acquired; amortization period generally does not exceed 10 years; expenditures that maintain asset value are expensed while those that increase benefits are capitalized. Significant differences between Ind AS 38 and AS 26 are also outlined.
This document discusses related parties and related party transactions that must be identified, accounted for, and disclosed in financial statements under Indian accounting standards. It defines related parties as individuals or entities that have control or significant influence over a reporting entity. It provides examples of close family members and key management personnel that are considered related parties. It also describes the auditor's objectives and procedures for identifying related parties and related party transactions, obtaining management representations, and evaluating compliance with disclosure requirements.
IFRS are principles-based accounting standards set by the IASB to promote global financial reporting consistency. Ethiopia has adopted IFRS and established the Accounting and Auditing Board of Ethiopia to oversee the implementation of IFRS for public interest entities, small and medium enterprises, and non-profits according to a staged rollout plan concluding in 2019. While IFRS and US GAAP have converged in many areas, differences remain in accounting treatments for items like inventory, contingencies, and classification of financial instruments.
governmental and Non profit Accounting chapter 1NeveenJamal
This document discusses the key differences between governmental/not-for-profit (NFP) entities and business enterprises. Governmental and NFP entities operate under different legal and financial constraints compared to businesses. They rely on involuntary taxes and voluntary donations rather than sales. Budgets are legally binding for governments and donor restrictions apply to NFPs. Financial reporting focuses on accountability, compliance with budgets/restrictions, and measuring service efforts rather than profitability. Fund accounting and modified accrual basis are used by governments.
Normative theories of accounting what and whyGerard Ilott
Normative theories are theories that seek to prescribe what should be considered normal or best practice, rather than describing or predicting what currently is or will be happening. The conceptual framework that underpins accounting standards is an example of a normative theory, as it prescribes what financial accountants should do. Normative theories in accounting are developed through the opinions of experts and are intended to represent best practices, though determining what should be considered best practice can involve complex reasoning and debate.
Client Evaluation and Planning the Audit Lecture slide chapter 8
Describe the steps involved in client acceptance and continuance.
State the purpose and content of an engagement letter.
Explain the steps in planning an audit.
Identify the risks of misstatement through understanding the entity and its environment.
Explain the role of analytical procedures in audit planning.
Describe the requirements to consider the risk of fraud in the audit planning process.
Explain the purpose and function of audit working papers.
1. IND AS 21 outlines the accounting treatment for foreign currency transactions and foreign operations. It addresses how to include such items in financial statements and how to translate financial statements into a presentation currency.
2. The standard establishes guidelines for determining an entity's functional currency. The functional currency is primarily the currency of the primary economic environment in which the entity operates, which is normally the currency that mainly influences sales prices and operating costs.
3. IND AS 21 provides rules for re-measuring foreign currency items into the functional currency, including the use of spot or average exchange rates. It also addresses the translation of financial statements from the functional currency into the presentation currency.
The document provides guidance on conducting a risk-based audit of financial statements using the PCAS (Planning, Control evaluation, Substantive testing) approach. It discusses understanding the client and its environment, assessing risks, documenting accounting systems and internal controls, testing controls and statements, and reporting. The PCAS approach involves general risk assessment, identifying risks to financial statement assertions, evaluating controls, and determining the audit response and evidence required. Fraud risks are also assessed separately. Alternative templates for risk assessment are presented. The overall aim is to plan and perform the audit in a manner responsive to the degree of risk.
The document provides guidance on writing internal audit reports. It discusses what an audit report is, its purpose, and key components. An audit report summarizes an audit's work, findings, and recommendations. It follows a four-step process: identifying issues, analyzing root causes, recommending corrections, and obtaining management responses. The document outlines the typical structure and contents of an audit report, including disclosing findings, describing findings in detail, and making suggestions. It also discusses report drafting, communication, and distribution processes to ensure reports reach the intended users.
Ind AS 23 establishes the accounting requirements for borrowing costs. The core principle is that borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset must be capitalized as part of the cost of that asset. A qualifying asset takes substantial time to get ready for use or sale. Borrowing costs include interest expense, finance charges, and exchange differences arising from foreign currency borrowings to the extent they are treated as an adjustment to interest costs. Borrowing costs must be capitalized when funds are borrowed specifically for a qualifying asset or as part of general borrowings used for qualifying assets. Capitalization should cease when substantially all activities to prepare the asset are complete.
This document outlines accounting standards for government grants. It defines government grants and outlines how they should be accounted for, either through a capital or income approach. Grants should only be recognized when there is reasonable assurance of compliance with conditions and collection is certain. Extraordinary grants may be recognized immediately. Non-monetary grants are recorded at cost or nominal value. Grants related to assets may be deducted from assets, treated as deferred income, or credited to capital reserves. Grants related to revenue are recognized over related costs. Refunds of grants are also addressed.
This document provides an overview of tests of controls for auditing purposes. It discusses assessing control risk, the purpose and nature of tests of controls, and how the work of internal auditing may be used. The document outlines the process of assessing control risk and communicating conclusions. It describes types of controls expected in IT environments and lists alternative computer-assisted audit techniques.
Ind AS 18 provides guidance on accounting for revenue. It aims to determine when to recognize revenue. Revenue is recognized when future economic benefits flow to the entity and can be reliably measured.
The standard addresses revenue recognition for sale of goods, rendering of services, and interest, royalties or dividends. For sale of goods, revenue is recognized when risks and rewards of ownership transfer. For services, revenue is recognized by reference to completion percentage. Interest is recognized using effective interest rate method, while royalties and dividends are recognized on an accrual basis.
The document also discusses concepts like deferred payment terms, non-cash transactions, and components of transactions. Disclosures required include revenue categories, accounting policies,
I'm a Graphic Designer & Web Developer based in Egypt.
Always on the look for exciting projects to work on and smart people to collaborate with! I have Experiences with Photoshop, Flash, Illustrator, Html, Css, Js, PhP & MySQL , have basic knowledge .
Also happy with designing UI interfaces, and general Design.
Available to travel and work abroad.
SA 230 outlines requirements for audit documentation. Audit documentation includes records of audit procedures performed, relevant audit evidence obtained, and conclusions reached. Documentation must be dated and signed, with all significant matters documented. Documentation assists the audit engagement, enables accountability, and allows for quality reviews and inspections. Sufficient documentation must be prepared to enable an experienced auditor to understand the size and complexity of the entity, nature of audit procedures, significant matters, and conclusions. Documentation includes audit programs, summaries, issues memos, and confirmations. The final audit file must be assembled within 60 days of the audit report date and retained for 7 years.
This document discusses the concept of materiality in auditing. It defines materiality and outlines a three-step process for considering materiality: 1) determine planning materiality, usually using benchmarks like 5% of pre-tax income; 2) determine tolerable misstatement levels for accounts; 3) evaluate audit findings by aggregating misstatements and comparing to planning materiality. If aggregate misstatements exceed planning materiality, the client needs to adjust financial statements or the auditor may issue a qualified opinion. Materiality is assessed based on how a reasonable user would be influenced by misstatements.
ISA 540 (Revised) enhances audit requirements for accounting estimates with high estimation uncertainty. Key changes include emphasizing inherent risk factors like estimation uncertainty, complexity, and subjectivity in risk assessments. It introduces objectives-based work requirements focused on methods, assumptions, and data, and enhances requirements on controls testing and disclosures. The standard is intended to be scalable and promote professional skepticism. An implementation working group is providing support and guidance to facilitate adoption.
This document summarizes the key aspects of conducting an audit of a bank. It outlines the stages of a bank audit which include audit planning, evaluation of internal controls, preparing an audit program, and submitting an audit report. It also discusses the different types of audits banks undergo, including statutory audits mandated by regulators. The document emphasizes the auditor's role in ensuring the bank has followed all applicable rules, regulations, and guidelines. It also differentiates between performing and non-performing assets for the purposes of the audit.
Accounting Standard 1 discusses the disclosure of accounting policies. Accounting policies refer to the specific principles and methods used to prepare financial statements, such as the methods of depreciation, treatment of construction expenditures, currency conversion, and inventory valuation. Disclosing all significant accounting policies together is helpful for readers to understand and compare financial statements. Fundamental assumptions like going concern, consistency, and accrual must be followed. Selection of policies should exhibit a true and fair view while considering prudence, substance over form, and materiality. Changes in policies are allowed if required by statute, compliance with standards, or to provide a more appropriate presentation.
The document discusses the key aspects of accounting for borrowing costs as per Ind AS 23. It defines borrowing costs and qualifying assets. It covers the recognition, capitalization, suspension and cessation of capitalizing borrowing costs to qualifying assets. It also provides examples to illustrate the treatment of exchange differences and disclosures required.
This document defines intangible assets and provides guidance on their recognition, measurement, amortization and disclosure. Key points include: intangible assets lack physical substance but provide future economic benefits; recognition criteria are future benefits are probable and cost reliably measured; measurement depends on whether asset is internally generated or acquired; amortization period generally does not exceed 10 years; expenditures that maintain asset value are expensed while those that increase benefits are capitalized. Significant differences between Ind AS 38 and AS 26 are also outlined.
This document discusses related parties and related party transactions that must be identified, accounted for, and disclosed in financial statements under Indian accounting standards. It defines related parties as individuals or entities that have control or significant influence over a reporting entity. It provides examples of close family members and key management personnel that are considered related parties. It also describes the auditor's objectives and procedures for identifying related parties and related party transactions, obtaining management representations, and evaluating compliance with disclosure requirements.
IFRS are principles-based accounting standards set by the IASB to promote global financial reporting consistency. Ethiopia has adopted IFRS and established the Accounting and Auditing Board of Ethiopia to oversee the implementation of IFRS for public interest entities, small and medium enterprises, and non-profits according to a staged rollout plan concluding in 2019. While IFRS and US GAAP have converged in many areas, differences remain in accounting treatments for items like inventory, contingencies, and classification of financial instruments.
governmental and Non profit Accounting chapter 1NeveenJamal
This document discusses the key differences between governmental/not-for-profit (NFP) entities and business enterprises. Governmental and NFP entities operate under different legal and financial constraints compared to businesses. They rely on involuntary taxes and voluntary donations rather than sales. Budgets are legally binding for governments and donor restrictions apply to NFPs. Financial reporting focuses on accountability, compliance with budgets/restrictions, and measuring service efforts rather than profitability. Fund accounting and modified accrual basis are used by governments.
Normative theories of accounting what and whyGerard Ilott
Normative theories are theories that seek to prescribe what should be considered normal or best practice, rather than describing or predicting what currently is or will be happening. The conceptual framework that underpins accounting standards is an example of a normative theory, as it prescribes what financial accountants should do. Normative theories in accounting are developed through the opinions of experts and are intended to represent best practices, though determining what should be considered best practice can involve complex reasoning and debate.
Client Evaluation and Planning the Audit Lecture slide chapter 8
Describe the steps involved in client acceptance and continuance.
State the purpose and content of an engagement letter.
Explain the steps in planning an audit.
Identify the risks of misstatement through understanding the entity and its environment.
Explain the role of analytical procedures in audit planning.
Describe the requirements to consider the risk of fraud in the audit planning process.
Explain the purpose and function of audit working papers.
1. IND AS 21 outlines the accounting treatment for foreign currency transactions and foreign operations. It addresses how to include such items in financial statements and how to translate financial statements into a presentation currency.
2. The standard establishes guidelines for determining an entity's functional currency. The functional currency is primarily the currency of the primary economic environment in which the entity operates, which is normally the currency that mainly influences sales prices and operating costs.
3. IND AS 21 provides rules for re-measuring foreign currency items into the functional currency, including the use of spot or average exchange rates. It also addresses the translation of financial statements from the functional currency into the presentation currency.
The document provides guidance on conducting a risk-based audit of financial statements using the PCAS (Planning, Control evaluation, Substantive testing) approach. It discusses understanding the client and its environment, assessing risks, documenting accounting systems and internal controls, testing controls and statements, and reporting. The PCAS approach involves general risk assessment, identifying risks to financial statement assertions, evaluating controls, and determining the audit response and evidence required. Fraud risks are also assessed separately. Alternative templates for risk assessment are presented. The overall aim is to plan and perform the audit in a manner responsive to the degree of risk.
The document provides guidance on writing internal audit reports. It discusses what an audit report is, its purpose, and key components. An audit report summarizes an audit's work, findings, and recommendations. It follows a four-step process: identifying issues, analyzing root causes, recommending corrections, and obtaining management responses. The document outlines the typical structure and contents of an audit report, including disclosing findings, describing findings in detail, and making suggestions. It also discusses report drafting, communication, and distribution processes to ensure reports reach the intended users.
Ind AS 23 establishes the accounting requirements for borrowing costs. The core principle is that borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset must be capitalized as part of the cost of that asset. A qualifying asset takes substantial time to get ready for use or sale. Borrowing costs include interest expense, finance charges, and exchange differences arising from foreign currency borrowings to the extent they are treated as an adjustment to interest costs. Borrowing costs must be capitalized when funds are borrowed specifically for a qualifying asset or as part of general borrowings used for qualifying assets. Capitalization should cease when substantially all activities to prepare the asset are complete.
This document outlines accounting standards for government grants. It defines government grants and outlines how they should be accounted for, either through a capital or income approach. Grants should only be recognized when there is reasonable assurance of compliance with conditions and collection is certain. Extraordinary grants may be recognized immediately. Non-monetary grants are recorded at cost or nominal value. Grants related to assets may be deducted from assets, treated as deferred income, or credited to capital reserves. Grants related to revenue are recognized over related costs. Refunds of grants are also addressed.
This document provides an overview of tests of controls for auditing purposes. It discusses assessing control risk, the purpose and nature of tests of controls, and how the work of internal auditing may be used. The document outlines the process of assessing control risk and communicating conclusions. It describes types of controls expected in IT environments and lists alternative computer-assisted audit techniques.
Ind AS 18 provides guidance on accounting for revenue. It aims to determine when to recognize revenue. Revenue is recognized when future economic benefits flow to the entity and can be reliably measured.
The standard addresses revenue recognition for sale of goods, rendering of services, and interest, royalties or dividends. For sale of goods, revenue is recognized when risks and rewards of ownership transfer. For services, revenue is recognized by reference to completion percentage. Interest is recognized using effective interest rate method, while royalties and dividends are recognized on an accrual basis.
The document also discusses concepts like deferred payment terms, non-cash transactions, and components of transactions. Disclosures required include revenue categories, accounting policies,
I'm a Graphic Designer & Web Developer based in Egypt.
Always on the look for exciting projects to work on and smart people to collaborate with! I have Experiences with Photoshop, Flash, Illustrator, Html, Css, Js, PhP & MySQL , have basic knowledge .
Also happy with designing UI interfaces, and general Design.
Available to travel and work abroad.
This document summarizes a senior thesis analyzing how municipal policies influence the health of Candlewood Lake. The thesis hypothesized that the lake's health is determined by each municipality's regulations limiting negative impacts. Data on beach closings, impervious surfaces, septic systems, erosion, and buffers in each town was analyzed. Correlations showed some town policies were significantly correlated with fewer closings, while others were not. The conclusion is that water regulations aim to protect and preserve all bodies of water.
International Defense Services (IDS) is a defense contracting company that specializes in providing military, law enforcement, and government organizations with products and services. IDS has a global network and team of experts from different backgrounds to offer innovative defense technologies and solutions while ensuring compliance with all necessary laws and regulations. The company aims to be a leader in defense contracting by equipping forces with the best equipment and attracting highly skilled professionals.
La pandemia de COVID-19 ha tenido un impacto significativo en la economía mundial. Muchos países experimentaron fuertes caídas en el PIB y aumentos en el desempleo debido a los cierres generalizados y las restricciones a los viajes. Aunque las vacunas han permitido la reapertura de muchas economías, los efectos a largo plazo de la pandemia en sectores como el turismo y los viajes aún no están claros. Se espera que la recuperación económica mundial sea desigual y dependa de factores como el control
The Sarah Baartman District Municipality achieved several milestones between 2011 and 2016, including:
1) Constructing new sports facilities in the Makana Local Municipality and installing high-mast lights in the Ikwezi Local Municipality.
2) Launching the "Connect with Cacadu" program that provided IT services and skills training to over 30,000 residents.
3) Eradicating bucket toilets in informal settlements in the Sundays River Valley Municipality.
4) Building new fire stations, parks, and paved roads across several local municipalities.
5) Completing major infrastructure projects like a wind farm, sewage systems, and water supplies.
6) Achieving two consecutive clean aud
This document summarizes the successful transition of IT services from Ahold to Atos over several years. Key aspects that led to the successful transition included:
- Focus on team building and collaboration between Ahold and Atos teams
- Thorough preparation including defining strategy, transition plan, and selecting a transition team with both customer and new expertise
- Phased approach where deliverables were presented, discussed, and signed off on before moving to next phase
- Managing the transition according to Atos' standard method while adding additional workstreams
- Ensuring involvement of current teams through collaboration sessions to share information and get advice on the new organization
Tyler Garlock seeks a position that utilizes his 15 years of experience in reliability testing and engineering. He has a Bachelor's degree in Industrial Technology and is a Certified Reliability Engineer and Certified Package Laboratory Professional. Currently he works as a Test Engineer at Westpak, Inc. where he performs package and product testing, develops test fixtures, writes reports, and maintains laboratory equipment. He also owns his own automotive performance shop, Shop Cat Performance.
Portulaca oleracea, commonly known as purslane, is an annual succulent plant in the family Portulacaceae. It is high in various vitamins and minerals. Purslane has a wide natural distribution throughout Africa, the Middle East, India, and Australia. It has smooth reddish stems with yellow flowers and leaves clustered at joints and ends. The plant can be eaten fresh as a salad green or cooked. It has a sour and salty taste. Purslane also has potential medicinal properties as certain compounds have shown cytotoxic effects against cancer cells and it contains anti-inflammatory omega-3 fatty acids.
Swift is a protocol-oriented programming language that was announced in 2014 and made open-source in 2015. Some key features of Swift include protocol-oriented programming, literals that can be initialized in multiple ways, generics for type-safe operations on different types, operators for common tasks, and value types for safety. Swift aims to provide modern features while integrating well with Apple platforms like iOS and bridging to Objective-C code.
This document lists the publications of an individual. It includes over 30 publications in refereed journals, conferences, and books on topics related to combustion, fluid dynamics, and heat transfer. Some of the key publications include studies on flame/acoustic interactions using direct numerical simulation, effects of pressure on syngas flames, and response of premixed flames to acoustic waves. The publications span from 2002 to the present and include works in international journals as well as presentations at major conferences.
Vouching involves testing the accuracy of transactions recorded in accounting books by examining supporting documentation. It helps auditors ensure transactions are valid, all entries are supported, and nothing has been omitted or misrecorded. Key aspects auditors examine when vouching cash receipts include cash sales records, bank deposit slips, and reconciling receipts to entries in cash books and bank statements. This helps auditors verify revenues have been completely and properly recorded.
The document provides a summary of key aspects of various Indian Accounting Standards (Ind AS). It discusses the objectives, requirements and differences compared to previous Indian GAAP/ IFRS of various Ind AS like Ind AS 1 on presentation of financial statements, Ind AS 2 on inventories, Ind AS 7 on statement of cash flows, Ind AS 8 on accounting policies etc. For each Ind AS, it highlights important principles, disclosure requirements, and carve outs or differences between Ind AS and corresponding IFRS.
Critical issues in Finalization of Financial Statements and IFCCA. Pramod Jain
This document provides guidance on critical issues related to the preparation of financial statements and internal financial controls. It discusses the basics of classifying assets and liabilities as current vs. non-current. It also covers requirements for the balance sheet, share capital, reserves, borrowings, and other liabilities. Key points addressed include rounding off figures, comparative figures, signing and dating of statements, and disclosures for share application money.
Crtitical issues in Company Law for Private CompaniesCA. Pramod Jain
For Presentation on Critical issues in COMPANY LAW FOR PRIVATE COMPANIES made at Kanpur CA Society click at - http://lunawat.com/Uploaded_Files/Presentation/CrtiticalissuesinCompanyLawforPrivateCompanies-Nanital.pdf
Regards
For Presentation made on 'PRACTICAL ASPECTS OF AUDIT' at National Convention organised by Agra Branch of CIRC of ICAI click at http://lunawat.com/Uploaded_Files/Presentation/PracticalAspectsinAuditing-Agra.pdf
The same is also available on www.lunawat.com as well as on free Mobile App ‘LUNAWAT’ available through playstore.
I hope the same shall be of use to you.
Warm Regards
CA. Pramod Jain
Cash Restrictions in Union Budget 2017 & Air ReportingCA. Pramod Jain
The document provides an overview of cash restrictions and reporting requirements introduced in the Budget 2017. Some key points include:
- Deductions under section 80G are restricted if cash donations exceed Rs. 2,000. Expenditure under section 40A(3) is disallowed if payments exceed Rs. 10,000 in cash.
- Depreciation is disallowed on the cash component of asset costs exceeding Rs. 10,000 per person per day. Section 35AD benefits are not allowed on expenditures exceeding Rs. 10,000 in cash per person per day.
- Receiving an amount over Rs. 2 lakhs in cash in a day or in respect of a single transaction is prohibited under section
Major iIncome Ttax proposals union budget 2017 CA. Pramod Jain
For Presentation made on Major Income Tax Proposals- Union Budget 2017 at Nehru Place CPE Study Circle of NIRC of ICAI click at - http://lunawat.com/Uploaded_Files/Presentation/MajorIncomeTaxProposals-UnionBudget2017-NehruPlace.pdf
Regards
This document provides information on the Companies (Auditor's Report) Order, 2016 (CARO 2016) and Internal Financial Controls (IFC). It discusses the 16 reporting points under CARO 2016 and applicability to different types of companies. It explains the clauses under CARO 2016 regarding maintenance of property records, physical verification of inventory, loans to other parties, and compliance with Sections 185 and 186 of the Companies Act. The document is intended to guide auditors on reporting requirements under CARO 2016.
For Presentation made on Demonetization, AIR, TCS, Presumptive Income, Penny stock assessment at Jalandhar Branch of NIRC of ICAI click at http://lunawat.com/Uploaded_Files/Presentation/Demonetization,AIR,TCS,PresumptiveIncome,Pennystockassessment-Jalandhar.pdf
The same is also available on www.lunawat.com as well as on free Mobile App ‘LUNAWAT’ available through playstore.
I hope the same shall be of use to you.
Warm Regards
CA. Pramod Jain
Practical aspects of audit including caro 2016CA. Pramod Jain
This document outlines procedures related to the appointment of auditors under the Companies Act 2013. It discusses the process for initial appointment of auditors, including considerations of qualifications and experience, consent from the proposed auditor, and timelines for board appointment. It also covers reappointment of retiring auditors and filling casual vacancies, noting certification requirements and timelines in both cases. The document provides guidance to ensure auditor appointment complies with statutory requirements.
This document summarizes key income tax proposals in the Union Budget 2017 relating to timely filing of returns, cash restrictions, tax rates and advance tax/refunds. Some key points include:
- Exemptions will be denied if returns are not filed by the due date for certain entities like charitable trusts and political parties.
- Cash transaction limits have been lowered to Rs. 10,000 per person per day for various deductions and exemptions.
- Surcharge of 10-15% will apply for individuals with income above Rs. 50 lakhs-1 crore. Rebate under section 87A has been reduced.
- Tax rate for small companies with turnover under Rs. 50 crores has been
- The document summarizes details of the Income Declaration Scheme 2016 in India, which allows for the declaration of undisclosed income and assets with payment of tax and penalty.
- Under the scheme operating from June to September 2016, tax is paid at 30% of the declared income, along with a cess of 7.5% and penalty of 7.5%. Undisclosed income from any year up to 2015-16 can be declared.
- Valuation of declared assets is based on fair market value as of June 1, 2016, with adjustments made for portions of assets previously assessed. Various asset types like bullion and immovable property have specific valuation rules defined.
Chap 9 -_mfrs_110_after_reporting_periodkim rae KI
The document discusses events after the reporting period as defined in MFRS 110. It identifies two types of events - adjusting events that provide evidence of conditions existing at the end of the reporting period, and non-adjusting events that provide evidence of conditions arising after the reporting period. The date when the financial statements are authorized for issue determines the end of the post-reporting period. Adjusting events require adjustments to the financial statements, such as additional provisions for bad debts or inventory write-downs based on sale prices after the reporting date.
Chap 9 -_mfrs_110_after_reporting_periodkim rae KI
The document discusses events after the reporting period as defined in MFRS 110. It identifies two types of events - adjusting events that provide evidence of conditions existing at the end of the reporting period, and non-adjusting events that provide evidence of conditions that arose after the reporting period. Adjusting events require adjustments to the financial statements, while non-adjusting events require disclosure only. Examples of each type of event and the appropriate accounting treatment are provided.
This document discusses critical issues related to tax audit and ICDS (Income Computation and Disclosure Standards) in India. It summarizes recent legislation for the assessment year 2017 regarding tax audit applicability and presumptive taxation. It provides examples to illustrate when tax audit would be mandatory under section 44AB for businesses and professions opting for presumptive taxation under sections 44AD and 44ADA. It also outlines who can conduct tax audits, the disqualifications for conducting tax audits, and definitions of relatives for this purpose.
Accounting & taxation of real estate buildersCA. Pramod Jain
This document summarizes accounting and taxation regulations and guidance related to real estate builders and developers in India. It discusses relevant accounting standards, laws, and rules governing various real estate transactions. Key topics covered include revenue recognition principles for real estate sales, project cost accounting, and conditions for revenue recognition by developers, including obtaining necessary approvals, reaching a minimum stage of project completion, and securing a portion of sales contracts.
This document discusses Accounting Standards 6 and 10 regarding fixed assets and depreciation. It defines fixed assets as non-current assets used over multiple accounting periods with a limited useful life. It outlines various methods for calculating depreciation expense, such as the straight-line and reducing balance methods. The document also discusses disclosure requirements regarding depreciation policies, accumulated depreciation amounts, and revaluations of fixed assets.
The document provides study notes on final accounts, including trading account, profit and loss account, and balance sheet.
It defines final accounts as the set of financial statements that include a trading account, profit and loss account, and balance sheet. The trading account shows gross profit or loss, the profit and loss account shows net profit or loss, and the balance sheet shows the financial position of the business.
Specimen templates are provided for a trading account, profit and loss account, and balance sheet. Key features and purposes of each statement are also summarized, such as the trading account determining gross profit/loss, the profit and loss account determining net profit/loss, and the balance sheet showing assets, liabilities, and
For Presentation made on below topics at CIRC, Kanpur jointly with KCAS Study Circle click at http://lunawat.com/Uploaded_Files/Presentation/ICDSOverview,4,5,7,8,10-Kanpur.pdf
• ICDS Overview
• ICDS IV (Revenue Recognition)
• ICDS V (Tangible Fixed Assets)
• ICDS VII (Government Grants)
• ICDS VIII (Securities)
• ICDS X (Provisions, Contingent Liabilities & Contingent Assets)
I hope the same shall be of use to you.
Warm Regards
CA. Pramod Jain
Understanding Financial Statements, Taxes, and Cash Flowssatriachan24
The document discusses key components of financial statements including the income statement, balance sheet, and financing. It defines the income statement as showing sales minus expenses to equal profit. The balance sheet lists assets, liabilities (debt), and equity. Assets include current assets like cash, and fixed assets like property and equipment. Liabilities include current liabilities like accounts payable and long-term debt. Financing comes from debt like bonds or equity from stockholders.
Similar to Finalization of Financial Statements and Audit Reports (20)
Sharing a Compilation of Case Laws on ‘Notice Under Section 148’ of Income Tax Act, 1961. The said document is available at http://expertspanel.in/?qa=blob&qa_blobid=10601143440222107929 as well as at http://lunawat.com/Uploaded_Files/Attachments/F_4740.pdf
Pursuant to few amendments in Companies Act 2013, the document Loans under Companies Act 2013 has been revised and updated as Version 2.0 and is available at http://expertspanel.in/?qa=blob&qa_blobid=12209470514712245845
Earlier in the year the document Deposits under Companies Act 2013was also updated as Version 5.0. The same is available at http://expertspanel.in/?qa=blob&qa_blobid=10452760937625173148.
I hope both the documents are of use.
Warm Regards
CA Pramod Jain
Deposits under companies act 2013 version 5.0CA. Pramod Jain
Namaste
Pursuant to few amendments in Companies (Acceptance of Deposit) Rules 2014, the document Deposits under Companies Act 2013 has been updated as Version 5.0. The same is now available at http://expertspanel.in/?qa=blob&qa_blobid=10452760937625173148 . I hope the same is of use.
Kindly share this with other professionals too, as it may be of use to them too.
Pursuant to various amendments in Companies (Amendment) Act, 2017 and exemption notification for private companies, the document Loans under Companies Act 2013 has been updated as Version 1.2. It contains practical issues for taking and giving loans pursuant to s. 185/186. The same is now available at http://expertspanel.in/?qa=blob&qa_blobid=11788484548374818704 . I hope the same is of use.
Kindly share this with other professionals too, as it may be of use to them too.
Regards
CA Pramod Jain
Deposits under companies act 2013 version 4.0CA. Pramod Jain
Pursuant to various amendments in Companies (Acceptance of Deposit) Rules 2014, Companies (Amendment) Act, 2017, exemption notification for private companies and its further amendment, the document Deposits under Companies Act 2013 has been updated as Version 4.0. The same is now available at http://expertspanel.in/?qa=blob&qa_blobid=4472136813423102736 . I hope the same is of use.
Kindly share this with other professionals too, as it may be of use to them too.
Warm Regards
CA. Pramod Jain
This document compiles 21 issues of a tax audit series published between July 2018 to present. It combines the content of the series which covered various clauses in Form 3CA and 3CB. The compilation is done in 21 sections corresponding to each issue. It provides a consolidated resource for professionals on reporting requirements for tax audit.
The document summarizes changes to the tax audit legislation for assessment year 2017-18. Key points include:
1) Tax audit is now required if business income exceeds Rs. 1 crore or professional income exceeds Rs. 50 lakhs.
2) Several sections were amended including additions for GST, section 32AD deductions, and deemed profits.
3) New forms 3CA, 3CB, and 3CD are prescribed for furnishing tax audit reports. Penalties of up to 1.5 lakhs can be imposed for non-compliance.
4) Several items were amended effective August 20, 2018 including changes to sections 44AB reports and penalties.
Taxability of Gifts & Share Capital under IT ActCA. Pramod Jain
Had nice interactive session yesterday at South Delhi CA Study Circle on the topic 'Taxability of Gifts & Share Premium'. The ppt is now available at http://lunawat.com/Uploaded_Files/Presentation/TaxabilityofGifts&ShareCapitalunderITAct-SouthDelhi.pdf
Hope it is of use
Warm Regards
CA Pramod Jain
Practical implications of LLP and its Taxation made at Nehru Place Study Circle of NIRC of ICAI. also available on www.lunawat.com and mobile app LUNAWAT google playstore
Deposits under Companies Act 2013 - Version 3.0CA. Pramod Jain
This document summarizes the requirements for companies in India to accept or renew deposits under the Companies Act of 2013. It incorporates all major amendments to the deposit rules, including the most recent changes from September 2017. The document provides information on statutory provisions related to deposits, amounts that are not considered deposits, and rules for deposits from members, directors, relatives, and the public. It outlines limits on deposit amounts and compliance requirements depending on the type of company.
This document contains a market watch report from Lunawat & Co. summarizing stock market performance and providing compliance due dates. It reports that the Sensex closed at 33,213.13 and Nifty closed at 10,335.30 on October 31, 2017. It lists various tax filing and compliance due dates for November. It also summarizes recent developments related to income tax, GST, MCA, and provides an overview of Lunawat & Co.'s services.
The document discusses various topics related to taxes and compliance in India for the month of October 2017.
Key points include:
1) CBDT introducing Rule 39A and Form 28AA for voluntary reporting of estimated current income and advance tax liability.
2) Taxpayers advised to confirm identities of Income Tax search authorities to avoid fraud.
3) CBDT clarifies impact of SARFAESI Act on collection of taxes from attached properties.
4) GST council revises due dates for filing returns and provides exemptions for casual traders and job workers.
ICDAS, Cash Restrictions AS & Schedule III Amendments CA. Pramod Jain
Had nice discussions while knowledge sharing at Bulandshahr, U.P. The presentation is now available at http://lunawat.com/Uploaded_Files/Presentation/ICDS,CashRestrictionsAS&ScheduleIIIAmendments-Bulandshahar.pdf
Hope it is of use
Warm Regards
CA Pramod Jain
Had a great interactive session on ICDS Practical Implications at Ludhiana. The ppt is now available at http://lunawat.com/Uploaded_Files/Presentation/ICDSPracticalImplications-Ludhiana.pdf
Hope it is of use
Regards
CA Pramod Jain
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
The APCO Geopolitical Radar - Q3 2024 The Global Operating Environment for Bu...APCO
The Radar reflects input from APCO’s teams located around the world. It distils a host of interconnected events and trends into insights to inform operational and strategic decisions. Issues covered in this edition include:
How to Implement a Real Estate CRM SoftwareSalesTown
To implement a CRM for real estate, set clear goals, choose a CRM with key real estate features, and customize it to your needs. Migrate your data, train your team, and use automation to save time. Monitor performance, ensure data security, and use the CRM to enhance marketing. Regularly check its effectiveness to improve your business.
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.AnnySerafinaLove
This letter, written by Kellen Harkins, Course Director at Full Sail University, commends Anny Love's exemplary performance in the Video Sharing Platforms class. It highlights her dedication, willingness to challenge herself, and exceptional skills in production, editing, and marketing across various video platforms like YouTube, TikTok, and Instagram.
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...my Pandit
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Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...Neil Horowitz
On episode 272 of the Digital and Social Media Sports Podcast, Neil chatted with Brian Fitzsimmons, Director of Licensing and Business Development for Barstool Sports.
What follows is a collection of snippets from the podcast. To hear the full interview and more, check out the podcast on all podcast platforms and at www.dsmsports.net
Top mailing list providers in the USA.pptxJeremyPeirce1
Discover the top mailing list providers in the USA, offering targeted lists, segmentation, and analytics to optimize your marketing campaigns and drive engagement.
Navigating the world of forex trading can be challenging, especially for beginners. To help you make an informed decision, we have comprehensively compared the best forex brokers in India for 2024. This article, reviewed by Top Forex Brokers Review, will cover featured award winners, the best forex brokers, featured offers, the best copy trading platforms, the best forex brokers for beginners, the best MetaTrader brokers, and recently updated reviews. We will focus on FP Markets, Black Bull, EightCap, IC Markets, and Octa.
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The 10 Most Influential Leaders Guiding Corporate Evolution, 2024.pdfthesiliconleaders
In the recent edition, The 10 Most Influential Leaders Guiding Corporate Evolution, 2024, The Silicon Leaders magazine gladly features Dejan Štancer, President of the Global Chamber of Business Leaders (GCBL), along with other leaders.
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At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
5. FINANCIAL STATEMENTSFINANCIAL STATEMENTSFINANCIAL STATEMENTSFINANCIAL STATEMENTS
Financial YearFinancial YearFinancial YearFinancial Year –––– 31313131stststst MarchMarchMarchMarch
Cash Flow for all except:Cash Flow for all except:Cash Flow for all except:Cash Flow for all except:
OPCOPCOPCOPC
SCSCSCSC
DCDCDCDC
FS toFS toFS toFS to be in Schedule IIIbe in Schedule IIIbe in Schedule IIIbe in Schedule III
AmendedAmendedAmendedAmended w.e.fw.e.fw.e.fw.e.f. 4.9.15 to include. 4.9.15 to include. 4.9.15 to include. 4.9.15 to include
MSMED details under TradeMSMED details under TradeMSMED details under TradeMSMED details under Trade PayablePayablePayablePayable
Lunawat & Co.
6. BASICSBASICSBASICSBASICS –––– CURRENT VS. NONCURRENT VS. NONCURRENT VS. NONCURRENT VS. NON----CURRENTCURRENTCURRENTCURRENT
Current AssetCurrent AssetCurrent AssetCurrent Asset ---- satisfies any of following criteria;satisfies any of following criteria;satisfies any of following criteria;satisfies any of following criteria;
In the company’s normal operating cycle it is;In the company’s normal operating cycle it is;In the company’s normal operating cycle it is;In the company’s normal operating cycle it is;
Intended for sale; orIntended for sale; orIntended for sale; orIntended for sale; or
Intended to be consumed; orIntended to be consumed; orIntended to be consumed; orIntended to be consumed; or
Expected to be realized.Expected to be realized.Expected to be realized.Expected to be realized.
Held primarily for the purpose of being traded; orHeld primarily for the purpose of being traded; orHeld primarily for the purpose of being traded; orHeld primarily for the purpose of being traded; or
Expected to be realized within 12 months afterExpected to be realized within 12 months afterExpected to be realized within 12 months afterExpected to be realized within 12 months after
reporting date; orreporting date; orreporting date; orreporting date; or
Cash or cash equivalent unless it is restricted fromCash or cash equivalent unless it is restricted fromCash or cash equivalent unless it is restricted fromCash or cash equivalent unless it is restricted from
being exchanged or used to settle a liability for atbeing exchanged or used to settle a liability for atbeing exchanged or used to settle a liability for atbeing exchanged or used to settle a liability for at
least 12 months after reporting date.least 12 months after reporting date.least 12 months after reporting date.least 12 months after reporting date.
Lunawat & Co.
7. BASICSBASICSBASICSBASICS ---- CURRENT LIABILITYCURRENT LIABILITYCURRENT LIABILITYCURRENT LIABILITY
Current liability if it satisfies any of the followingCurrent liability if it satisfies any of the followingCurrent liability if it satisfies any of the followingCurrent liability if it satisfies any of the following
criteria; if it is :criteria; if it is :criteria; if it is :criteria; if it is :
Expected to be settled in the company’s normalExpected to be settled in the company’s normalExpected to be settled in the company’s normalExpected to be settled in the company’s normal
operating cycle; oroperating cycle; oroperating cycle; oroperating cycle; or
Held primarily for the purpose of being traded; orHeld primarily for the purpose of being traded; orHeld primarily for the purpose of being traded; orHeld primarily for the purpose of being traded; or
Due to be settled within 12 months after reportingDue to be settled within 12 months after reportingDue to be settled within 12 months after reportingDue to be settled within 12 months after reporting
date; ordate; ordate; ordate; or
The company does not have an unconditional rightThe company does not have an unconditional rightThe company does not have an unconditional rightThe company does not have an unconditional right
to defer settlement of liability for at least 12to defer settlement of liability for at least 12to defer settlement of liability for at least 12to defer settlement of liability for at least 12
months after reporting date. Terms of a liabilitymonths after reporting date. Terms of a liabilitymonths after reporting date. Terms of a liabilitymonths after reporting date. Terms of a liability
that could, at option of counterparty, result in itsthat could, at option of counterparty, result in itsthat could, at option of counterparty, result in itsthat could, at option of counterparty, result in its
settlement by issue of equity do not affect itssettlement by issue of equity do not affect itssettlement by issue of equity do not affect itssettlement by issue of equity do not affect its
classification.classification.classification.classification.
Lunawat & Co.
8. GENERALGENERALGENERALGENERAL
Balance Sheet TitleBalance Sheet TitleBalance Sheet TitleBalance Sheet Title –––– ‘as at’ or ‘as on’ 31st‘as at’ or ‘as on’ 31st‘as at’ or ‘as on’ 31st‘as at’ or ‘as on’ 31st
MarchMarchMarchMarch
PL TitlePL TitlePL TitlePL Title ---- Statement of Profit & Loss / I & EStatement of Profit & Loss / I & EStatement of Profit & Loss / I & EStatement of Profit & Loss / I & E
Rounding off based on turnover.Rounding off based on turnover.Rounding off based on turnover.Rounding off based on turnover.
<<<< RsRsRsRs. 100 Crores. 100 Crores. 100 Crores. 100 Crores ---- To the nearest hundreds,To the nearest hundreds,To the nearest hundreds,To the nearest hundreds,
thousands, lakhs or millions or decimalthousands, lakhs or millions or decimalthousands, lakhs or millions or decimalthousands, lakhs or millions or decimal
thereofthereofthereofthereof
RsRsRsRs. 100 Crores or more. 100 Crores or more. 100 Crores or more. 100 Crores or more ---- To the nearest lakhsTo the nearest lakhsTo the nearest lakhsTo the nearest lakhs
or millions or crores or decimal thereofor millions or crores or decimal thereofor millions or crores or decimal thereofor millions or crores or decimal thereof
ComparativeComparativeComparativeComparative figuresfiguresfiguresfigures requiredrequiredrequiredrequired to be disclosed forto be disclosed forto be disclosed forto be disclosed for
the last reportingthe last reportingthe last reportingthe last reporting periodperiodperiodperiod
Lunawat & Co.
9. GENERALGENERALGENERALGENERAL
Linking of notes with B/S & PLLinking of notes with B/S & PLLinking of notes with B/S & PLLinking of notes with B/S & PL
Name , DIN, designation & address ofName , DIN, designation & address ofName , DIN, designation & address ofName , DIN, designation & address of
signatories to any documentsignatories to any documentsignatories to any documentsignatories to any document
uploaded / filed with ROCuploaded / filed with ROCuploaded / filed with ROCuploaded / filed with ROC
B/s & PL on letterhead of AuditorsB/s & PL on letterhead of AuditorsB/s & PL on letterhead of AuditorsB/s & PL on letterhead of Auditors ????????
Date of signingDate of signingDate of signingDate of signing
Payment to shareholders for 2(22)(e)Payment to shareholders for 2(22)(e)Payment to shareholders for 2(22)(e)Payment to shareholders for 2(22)(e)
Lunawat & Co.
10. FORM OF BALANCE SHEET (PART 1)FORM OF BALANCE SHEET (PART 1)FORM OF BALANCE SHEET (PART 1)FORM OF BALANCE SHEET (PART 1)
Particulars Note
No.
Figures as at the
end of the CRP
Figures as at the
end of the PRP
I. EQUITY AND LIABILITIES
(1) Shareholders’ Funds
(a) Share capital
(b) Reserve and Surplus
(c) Money received against share
warrants
1
2
(2) Share application money pending
allotment
3
(3) Non-current Liabilities
(a) Long term borrowings
(b) Deferred tax liabilities (net)
(c) Other long term liabilities
(d) Long term provisions
4
5
6
7
(4) Current Liabilities
(a) Short term borrowings
(b) Trade payables
(c) Other current liabilities
(d) Short term provisions
8
9
10
TOTAL
11. SHARE CAPITAL & RESERVESSHARE CAPITAL & RESERVESSHARE CAPITAL & RESERVESSHARE CAPITAL & RESERVES
AuthorizedAuthorizedAuthorizedAuthorized / Paid up Capital/ Paid up Capital/ Paid up Capital/ Paid up Capital –––– Check withCheck withCheck withCheck with
Master DataMaster DataMaster DataMaster Data
Reconciliation of no of shares outstanding atReconciliation of no of shares outstanding atReconciliation of no of shares outstanding atReconciliation of no of shares outstanding at
beginning and at end of reporting period.beginning and at end of reporting period.beginning and at end of reporting period.beginning and at end of reporting period.
RRRRightsightsightsights, preference & restrictions attaching to, preference & restrictions attaching to, preference & restrictions attaching to, preference & restrictions attaching to
each class of shareseach class of shareseach class of shareseach class of shares etc.etc.etc.etc.
IsIsIsIs conversion of loans into shares in event ofconversion of loans into shares in event ofconversion of loans into shares in event ofconversion of loans into shares in event of
default in repaymentdefault in repaymentdefault in repaymentdefault in repayment –––– NonNonNonNon----cash?cash?cash?cash?
Share Premium A/c??Share Premium A/c??Share Premium A/c??Share Premium A/c??
Lunawat & Co.
12. BORROWINGSBORROWINGSBORROWINGSBORROWINGS
Long Term vs. ShortLong Term vs. ShortLong Term vs. ShortLong Term vs. Short TermTermTermTerm
Directors??Directors??Directors??Directors??
CC Limits?? Demand Loans??CC Limits?? Demand Loans??CC Limits?? Demand Loans??CC Limits?? Demand Loans??
Secured /unsecuredSecured /unsecuredSecured /unsecuredSecured /unsecured –––– nature of security to benature of security to benature of security to benature of security to be
statedstatedstatedstated &&&& guaranteed by directors to be shownguaranteed by directors to be shownguaranteed by directors to be shownguaranteed by directors to be shown
separately.separately.separately.separately.
Term of repayment of term loans to be givenTerm of repayment of term loans to be givenTerm of repayment of term loans to be givenTerm of repayment of term loans to be given
Period of maturity with respect to B/S datePeriod of maturity with respect to B/S datePeriod of maturity with respect to B/S datePeriod of maturity with respect to B/S date
Number of installmentsNumber of installmentsNumber of installmentsNumber of installments due;due;due;due; AmtAmtAmtAmt of installments dueof installments dueof installments dueof installments due
Applicable rate of interestApplicable rate of interestApplicable rate of interestApplicable rate of interest
PeriodPeriodPeriodPeriod & amount of default in payment of& amount of default in payment of& amount of default in payment of& amount of default in payment of
principalprincipalprincipalprincipal &&&& interest as oninterest as oninterest as oninterest as on B/SB/SB/SB/S datedatedatedate
Lunawat & Co.
13. OTHER CURRENT LIABILITIESOTHER CURRENT LIABILITIESOTHER CURRENT LIABILITIESOTHER CURRENT LIABILITIES
The amount shall be classified as:The amount shall be classified as:The amount shall be classified as:The amount shall be classified as:
Current maturities of long term debtsCurrent maturities of long term debtsCurrent maturities of long term debtsCurrent maturities of long term debts
Current maturities of finance lease obligationsCurrent maturities of finance lease obligationsCurrent maturities of finance lease obligationsCurrent maturities of finance lease obligations
Interest accrued but not due on borrowingsInterest accrued but not due on borrowingsInterest accrued but not due on borrowingsInterest accrued but not due on borrowings
Interest accrued and due on borrowingsInterest accrued and due on borrowingsInterest accrued and due on borrowingsInterest accrued and due on borrowings
Income received in advanceIncome received in advanceIncome received in advanceIncome received in advance
Unpaid dividendsUnpaid dividendsUnpaid dividendsUnpaid dividends
Share Application money due for refund and interestShare Application money due for refund and interestShare Application money due for refund and interestShare Application money due for refund and interest
accrued thereon (including advances for allotment ofaccrued thereon (including advances for allotment ofaccrued thereon (including advances for allotment ofaccrued thereon (including advances for allotment of
share Capital)share Capital)share Capital)share Capital)
Unpaid matured deposit and interest thereonUnpaid matured deposit and interest thereonUnpaid matured deposit and interest thereonUnpaid matured deposit and interest thereon
Unpaid matured debentures and interest thereonUnpaid matured debentures and interest thereonUnpaid matured debentures and interest thereonUnpaid matured debentures and interest thereon
Other payablesOther payablesOther payablesOther payables
Lunawat & Co.
14. OTHER CURRENT LIABILITIESOTHER CURRENT LIABILITIESOTHER CURRENT LIABILITIESOTHER CURRENT LIABILITIES
Others payable may include:Others payable may include:Others payable may include:Others payable may include:
Statutory obligations like, ESI, PF, VAT, CST, etc.Statutory obligations like, ESI, PF, VAT, CST, etc.Statutory obligations like, ESI, PF, VAT, CST, etc.Statutory obligations like, ESI, PF, VAT, CST, etc.
Liability for purchase of fixed assetsLiability for purchase of fixed assetsLiability for purchase of fixed assetsLiability for purchase of fixed assets
Contractually reimbursable expensesContractually reimbursable expensesContractually reimbursable expensesContractually reimbursable expenses
Interest accrued on trade payablesInterest accrued on trade payablesInterest accrued on trade payablesInterest accrued on trade payables
Expenses Payable.Expenses Payable.Expenses Payable.Expenses Payable.
TDS PayableTDS PayableTDS PayableTDS Payable
Trade / Security DepositTrade / Security DepositTrade / Security DepositTrade / Security Deposit
MarkMarkMarkMark----totototo----market loss on forward and optionmarket loss on forward and optionmarket loss on forward and optionmarket loss on forward and option
contractscontractscontractscontracts
Retention MoniesRetention MoniesRetention MoniesRetention Monies
Accrued salaries and benefitsAccrued salaries and benefitsAccrued salaries and benefitsAccrued salaries and benefits
Lunawat & Co.
15. FORM OF BALANCE SHEET (PART 2)FORM OF BALANCE SHEET (PART 2)FORM OF BALANCE SHEET (PART 2)FORM OF BALANCE SHEET (PART 2)
Particulars Note
No.
Figures as at the
end of the CRP
Figures as at the
end of the PRP
II. ASSETS
(1)Non-current assets
(a) Fixed assets
(i) Tangible assets
(ii) Intangible assets
(iii) Capital work-in-progress
(iv) Intangible assets under development
(b) Non- current investments
(c) Deferred tax assets (Net)
(d) Long term loans and advances
(e) Other non-current assets
11
12
13
14
15
(2) Current assets
(a) Current investments
(b) Inventories
(c) Trade receivables
(d) Cash and cash equivalents
(e) Short term loans and advances
(f) Other current assets
16
17
18
19
20
TOTAL
16. FIXED ASSETSFIXED ASSETSFIXED ASSETSFIXED ASSETS
Fixed Asset on the face of the BalanceFixed Asset on the face of the BalanceFixed Asset on the face of the BalanceFixed Asset on the face of the Balance
Sheet has to be classified as follows:Sheet has to be classified as follows:Sheet has to be classified as follows:Sheet has to be classified as follows:
Tangible AssetsTangible AssetsTangible AssetsTangible Assets
Intangible AssetsIntangible AssetsIntangible AssetsIntangible Assets
SoftwareSoftwareSoftwareSoftware
Capital workCapital workCapital workCapital work----inininin----progressprogressprogressprogress
Intangible assets under developmentIntangible assets under developmentIntangible assets under developmentIntangible assets under development
Capital advancesCapital advancesCapital advancesCapital advances totototo be grouped asbe grouped asbe grouped asbe grouped as
Capital WorkCapital WorkCapital WorkCapital Work----inininin----ProgressProgressProgressProgress or loansor loansor loansor loans andandandand
advancesadvancesadvancesadvances? Long term or short term?? Long term or short term?? Long term or short term?? Long term or short term?
Lunawat & Co.
17. INVENTORIESINVENTORIESINVENTORIESINVENTORIES
Classification into:Classification into:Classification into:Classification into:
Raw MaterialsRaw MaterialsRaw MaterialsRaw Materials
WorkWorkWorkWork----inininin----progressprogressprogressprogress
Finished goodsFinished goodsFinished goodsFinished goods
StockStockStockStock----inininin----trade (trading goods)trade (trading goods)trade (trading goods)trade (trading goods)
Stores and sparesStores and sparesStores and sparesStores and spares
Loose toolsLoose toolsLoose toolsLoose tools
Others (specifying nature)Others (specifying nature)Others (specifying nature)Others (specifying nature)
Finished goods should include all goods exceptFinished goods should include all goods exceptFinished goods should include all goods exceptFinished goods should include all goods except
acquired for trading purposesacquired for trading purposesacquired for trading purposesacquired for trading purposes
GoodsGoodsGoodsGoods----inininin----transittransittransittransit ----disclose under relevant subdisclose under relevant subdisclose under relevant subdisclose under relevant sub----headheadheadhead
Mode of valuation to be statedMode of valuation to be statedMode of valuation to be statedMode of valuation to be stated
Lunawat & Co.
18. FORM OF STATEMENT OF PROFIT AND LOSSFORM OF STATEMENT OF PROFIT AND LOSSFORM OF STATEMENT OF PROFIT AND LOSSFORM OF STATEMENT OF PROFIT AND LOSS
Particulars Note
No.
Figures for
the CRP
Figure for
the PRP
I. Revenue from operations 21
II. Other income 22
III Total Revenue (I + II)
Iv. Expenses 23
V. Profit before exceptional and extraordinary items and tax (III - IV)
VI. Exceptional items 24
VII. Profit before extraordinary items and tax (V-VI)
VIII. Extraordinary items 25
IX. Profit before tax (VII-VIII)
X. Tax Expenses 26
XI. Profit (loss) for the period from continuing operations (IX-X)
XII Profit (Loss) from the discontinuing business 27
XIII Tax expenses of discontinuing operations 28
XIV. Profit (Loss) from discontinuing operations (after tax) (XII-XIV)
XV. Profit (Loss) for the period (XI+XIV) 29
XVI. Earnings per equity share
Lunawat & Co.
19. REVENUE FROM OPERATIONSREVENUE FROM OPERATIONSREVENUE FROM OPERATIONSREVENUE FROM OPERATIONS
For companies other than finance company:For companies other than finance company:For companies other than finance company:For companies other than finance company:
Sale of ProductsSale of ProductsSale of ProductsSale of Products
Sale of ServicesSale of ServicesSale of ServicesSale of Services
Other Operating RevenuesOther Operating RevenuesOther Operating RevenuesOther Operating Revenues
Less: Excise DutyLess: Excise DutyLess: Excise DutyLess: Excise Duty
For Finance company:For Finance company:For Finance company:For Finance company:
InterestInterestInterestInterest
Other Financial servicesOther Financial servicesOther Financial servicesOther Financial services
As per AS 9 presentation for excise dutyAs per AS 9 presentation for excise dutyAs per AS 9 presentation for excise dutyAs per AS 9 presentation for excise duty ---- onononon
face of PLface of PLface of PLface of PL
Lunawat & Co.
20. OTHER INCOMEOTHER INCOMEOTHER INCOMEOTHER INCOME
To be classified as:To be classified as:To be classified as:To be classified as:
Interest income (other than for finance company)Interest income (other than for finance company)Interest income (other than for finance company)Interest income (other than for finance company)
DividendDividendDividendDividend
Dividend from subsidiary companyDividend from subsidiary companyDividend from subsidiary companyDividend from subsidiary company
Net gain / loss on sale of investmentsNet gain / loss on sale of investmentsNet gain / loss on sale of investmentsNet gain / loss on sale of investments
Other nonOther nonOther nonOther non----operating incomeoperating incomeoperating incomeoperating income
Interest, dividend, etc. to be disclosed separatelyInterest, dividend, etc. to be disclosed separatelyInterest, dividend, etc. to be disclosed separatelyInterest, dividend, etc. to be disclosed separately
for Current as well as Non Current Investmentsfor Current as well as Non Current Investmentsfor Current as well as Non Current Investmentsfor Current as well as Non Current Investments
Lunawat & Co.
21. EXPENSESEXPENSESEXPENSESEXPENSES
Disclosure on face of the PL:Disclosure on face of the PL:Disclosure on face of the PL:Disclosure on face of the PL:
Cost of material consumedCost of material consumedCost of material consumedCost of material consumed
Purchase of stockPurchase of stockPurchase of stockPurchase of stock----inininin----tradetradetradetrade
Changes in inventories of finished goodsChanges in inventories of finished goodsChanges in inventories of finished goodsChanges in inventories of finished goods
WorkWorkWorkWork----inininin----progress and stock in tradeprogress and stock in tradeprogress and stock in tradeprogress and stock in trade
Employee benefit expensesEmployee benefit expensesEmployee benefit expensesEmployee benefit expenses
Finance costFinance costFinance costFinance cost
Depreciation and amortization expensesDepreciation and amortization expensesDepreciation and amortization expensesDepreciation and amortization expenses
Other expenses.Other expenses.Other expenses.Other expenses.
Lunawat & Co.
22. FINANCE COSTFINANCE COSTFINANCE COSTFINANCE COST
Interest expenseInterest expenseInterest expenseInterest expense
Interest on borrowings, debentures, bonds, etc.Interest on borrowings, debentures, bonds, etc.Interest on borrowings, debentures, bonds, etc.Interest on borrowings, debentures, bonds, etc.
Finance charges on finance lease are in nature of interestFinance charges on finance lease are in nature of interestFinance charges on finance lease are in nature of interestFinance charges on finance lease are in nature of interest
Other borrowing costsOther borrowing costsOther borrowing costsOther borrowing costs
Commitment chargesCommitment chargesCommitment chargesCommitment charges
Loan processing chargesLoan processing chargesLoan processing chargesLoan processing charges
Guarantee chargesGuarantee chargesGuarantee chargesGuarantee charges
Loan facilitation chargesLoan facilitation chargesLoan facilitation chargesLoan facilitation charges
Discounts/ premium on borrowingsDiscounts/ premium on borrowingsDiscounts/ premium on borrowingsDiscounts/ premium on borrowings
Other ancillaryOther ancillaryOther ancillaryOther ancillary costscostscostscosts
Applicable net loss on foreign currency transactions toApplicable net loss on foreign currency transactions toApplicable net loss on foreign currency transactions toApplicable net loss on foreign currency transactions to
the extent they are regarded as adjust to interest costthe extent they are regarded as adjust to interest costthe extent they are regarded as adjust to interest costthe extent they are regarded as adjust to interest cost
Interest on Tax???Interest on Tax???Interest on Tax???Interest on Tax???
Lunawat & Co.
23. OTHER EXPENSESOTHER EXPENSESOTHER EXPENSESOTHER EXPENSES
All other expenses will be grouped here. Following to beAll other expenses will be grouped here. Following to beAll other expenses will be grouped here. Following to beAll other expenses will be grouped here. Following to be
disclosed separately:disclosed separately:disclosed separately:disclosed separately:
Consumption of stores and sparesConsumption of stores and sparesConsumption of stores and sparesConsumption of stores and spares
Power and fuelPower and fuelPower and fuelPower and fuel
RentRentRentRent
Repairs to buildingsRepairs to buildingsRepairs to buildingsRepairs to buildings
Repairs to machineryRepairs to machineryRepairs to machineryRepairs to machinery
InsuranceInsuranceInsuranceInsurance
Rates and taxes, excluding taxes on incomeRates and taxes, excluding taxes on incomeRates and taxes, excluding taxes on incomeRates and taxes, excluding taxes on income
Miscellaneous expensesMiscellaneous expensesMiscellaneous expensesMiscellaneous expenses
Any expenditure which exceeds 1% of revenue fromAny expenditure which exceeds 1% of revenue fromAny expenditure which exceeds 1% of revenue fromAny expenditure which exceeds 1% of revenue from
operations or Rs.1 L whichever is higheroperations or Rs.1 L whichever is higheroperations or Rs.1 L whichever is higheroperations or Rs.1 L whichever is higher ---- separateseparateseparateseparate
Lunawat & Co.
25. Entities that are toEntities that are toEntities that are toEntities that are to
follow ASfollow ASfollow ASfollow AS
CorporateCorporateCorporateCorporate
CompaniesCompaniesCompaniesCompanies
(Accounting(Accounting(Accounting(Accounting
Standards)Standards)Standards)Standards)
Rules, 2006Rules, 2006Rules, 2006Rules, 2006
IndIndIndInd ASASASAS ICDSICDSICDSICDS
NonNonNonNon----
CorporateCorporateCorporateCorporate
AS issuedAS issuedAS issuedAS issued
by ICAIby ICAIby ICAIby ICAI
ICDSICDSICDSICDS
Lunawat & Co.Lunawat & Co.Lunawat & Co.Lunawat & Co.
ACCOUNTING STANDARDSACCOUNTING STANDARDSACCOUNTING STANDARDSACCOUNTING STANDARDS
26. AS DISCLOSURES IN NOTESAS DISCLOSURES IN NOTESAS DISCLOSURES IN NOTESAS DISCLOSURES IN NOTES
SMC / NonSMC / NonSMC / NonSMC / Non---- SMCSMCSMCSMC
AS 1AS 1AS 1AS 1
FS to be preparedFS to be preparedFS to be preparedFS to be prepared in compliance ofin compliance ofin compliance ofin compliance of
ASASASAS
FS has to be AS compliant:FS has to be AS compliant:FS has to be AS compliant:FS has to be AS compliant:
FS to disclose deviation from ASFS to disclose deviation from ASFS to disclose deviation from ASFS to disclose deviation from AS
Reason for deviationReason for deviationReason for deviationReason for deviation
Financial effect arising of deviationFinancial effect arising of deviationFinancial effect arising of deviationFinancial effect arising of deviation
Lunawat & Co.
27. AS APPLICABILITYAS APPLICABILITYAS APPLICABILITYAS APPLICABILITY
AS
No.
Short Title Corporate Non- Corporate Entities
Non-SMC SMC Level I Level II Level III
1 Accounting Policies Y Y Y Y Y
2 Inventories Y Y Y Y Y
3 Cash Flow Y N (C) Y N N
4 Events after Balance Sheet date Y Y Y Y Y
5 Prior Period Items & Policies Y Y Y Y Y
6 Depreciation Y Y Y Y Y
7 Construction Y Y Y Y Y
9 Revenue Y Y Y Y Y
10 Fixed Assets Y Y Y Y Y
11 Foreign Exchange Y Y Y Y Y
12 Government Grants Y Y Y Y Y
13 Investments Y Y Y Y Y
14 Amalgamations Y Y Y Y Y
15 Employee Benefits Y Partly Y Partly Partly
Lunawat & Co.Lunawat & Co.Lunawat & Co.Lunawat & Co.
28. AS APPLICABILITYAS APPLICABILITYAS APPLICABILITYAS APPLICABILITY
16 Borrowing Cost Y Y Y Y Y
17 Segment Y N Y N N
18 Related Party Y Y Y Y N
19 Leases Y Partly Y Partly Partly
20 Earning Per Share Y Partly Y Partly Partly
21 Consolidation Y (listed) N (C) Y (listed) N N
22 Deferred Taxes Y Y Y Y Y
23 Consolidated Statements Y (listed) N (C) Y (listed) N N
24 Discontinuing Operation Y Y Y Y N
25 Interim Reporting Y (listed) N** Y (listed) N** N**
26 Intangible Assets Y Y Y Y Y
27 Interest in Joint Ventures Y (listed) N (C) Y (listed) N N
28 Impairment Y Partly Y Partly Partly
29 Contingency Y Partly Y Partly Partly
30- 32 Financial Instruments N*** N*** **** **** ****
Lunawat & Co.Lunawat & Co.Lunawat & Co.Lunawat & Co.
29. IMPORTANT NOTESIMPORTANT NOTESIMPORTANT NOTESIMPORTANT NOTES
Contingent LiabilitiesContingent LiabilitiesContingent LiabilitiesContingent Liabilities / Commitments/ Commitments/ Commitments/ Commitments (to the(to the(to the(to the
extent not provided for)extent not provided for)extent not provided for)extent not provided for)
BroadBroadBroadBroad HeadsHeadsHeadsHeads –––– RM , Income, PurchasesRM , Income, PurchasesRM , Income, PurchasesRM , Income, Purchases
Value of imports made during the year on CIFValue of imports made during the year on CIFValue of imports made during the year on CIFValue of imports made during the year on CIF
basisbasisbasisbasis::::----
Raw MaterialsRaw MaterialsRaw MaterialsRaw Materials
Components (intermediaries & components) &Components (intermediaries & components) &Components (intermediaries & components) &Components (intermediaries & components) &
Spare Parts (for capital equipment)Spare Parts (for capital equipment)Spare Parts (for capital equipment)Spare Parts (for capital equipment)
Capital GoodsCapital GoodsCapital GoodsCapital Goods
Lunawat & Co.
30. IMPORTANT NOTESIMPORTANT NOTESIMPORTANT NOTESIMPORTANT NOTES
ExpnExpnExpnExpn. in foreign currency (accrual basis) on:. in foreign currency (accrual basis) on:. in foreign currency (accrual basis) on:. in foreign currency (accrual basis) on:
RoyaltyRoyaltyRoyaltyRoyalty
KnowKnowKnowKnow----howhowhowhow
Professional & consultation feeProfessional & consultation feeProfessional & consultation feeProfessional & consultation fee
InterestInterestInterestInterest
OthersOthersOthersOthers
Dividend ifDividend ifDividend ifDividend if paid inpaid inpaid inpaid in FC (cash Basis):FC (cash Basis):FC (cash Basis):FC (cash Basis):
Total amount remitted during the year inTotal amount remitted during the year inTotal amount remitted during the year inTotal amount remitted during the year in FCFCFCFC
TotalTotalTotalTotal no.no.no.no. of nonof nonof nonof non----resident shareholdersresident shareholdersresident shareholdersresident shareholders
NNNNo.o.o.o. of shares held by them on which dividendof shares held by them on which dividendof shares held by them on which dividendof shares held by them on which dividend duedueduedue
Year to which dividend relatesYear to which dividend relatesYear to which dividend relatesYear to which dividend relates
Lunawat & Co.
31. IMPORTANT NOTESIMPORTANT NOTESIMPORTANT NOTESIMPORTANT NOTES
Foreign Exchange Earnings (AccrualForeign Exchange Earnings (AccrualForeign Exchange Earnings (AccrualForeign Exchange Earnings (Accrual
basis):basis):basis):basis):
Export of goods (calculated on F.O.B. basis)Export of goods (calculated on F.O.B. basis)Export of goods (calculated on F.O.B. basis)Export of goods (calculated on F.O.B. basis)
Royalty, know how, professional andRoyalty, know how, professional andRoyalty, know how, professional andRoyalty, know how, professional and
consultation feesconsultation feesconsultation feesconsultation fees
Interest and dividendsInterest and dividendsInterest and dividendsInterest and dividends
Other income (indicating the nature thereof)Other income (indicating the nature thereof)Other income (indicating the nature thereof)Other income (indicating the nature thereof)
Lunawat & Co.
32. OTHER DISCLOSURESOTHER DISCLOSURESOTHER DISCLOSURESOTHER DISCLOSURES IN NOTESIN NOTESIN NOTESIN NOTES
To disclose in FS full particulars of:To disclose in FS full particulars of:To disclose in FS full particulars of:To disclose in FS full particulars of:
Loan given;Loan given;Loan given;Loan given;
Investment made;Investment made;Investment made;Investment made;
Guarantee given; orGuarantee given; orGuarantee given; orGuarantee given; or
Security Provided.Security Provided.Security Provided.Security Provided.
Purpose for which loan or guarantee or security isPurpose for which loan or guarantee or security isPurpose for which loan or guarantee or security isPurpose for which loan or guarantee or security is
proposed to beproposed to beproposed to beproposed to be utilisedutilisedutilisedutilised by recipient of loan orby recipient of loan orby recipient of loan orby recipient of loan or
guarantee or security [186(4)]guarantee or security [186(4)]guarantee or security [186(4)]guarantee or security [186(4)]
Contribution duringContribution duringContribution duringContribution during yryryryr to Nationalto Nationalto Nationalto National DefenceDefenceDefenceDefence FundFundFundFund
AAAAmount contributed to Political Party and namemount contributed to Political Party and namemount contributed to Political Party and namemount contributed to Political Party and name
of partyof partyof partyof party [182(3)][182(3)][182(3)][182(3)]
Lunawat & Co.
33. OTHER DISCLOSURESOTHER DISCLOSURESOTHER DISCLOSURESOTHER DISCLOSURES IN NOTESIN NOTESIN NOTESIN NOTES
Public Companies:Public Companies:Public Companies:Public Companies:
Money received from directorMoney received from directorMoney received from directorMoney received from director
Private companiesPrivate companiesPrivate companiesPrivate companies
Money received from directorMoney received from directorMoney received from directorMoney received from director
Money received fromMoney received fromMoney received fromMoney received from relative of directorrelative of directorrelative of directorrelative of director
Lunawat & Co.
34. RELATED PARTYRELATED PARTYRELATED PARTYRELATED PARTY
AccountingAccountingAccountingAccounting
StandardsStandardsStandardsStandards
AS 18AS 18AS 18AS 18
CompaniesCompaniesCompaniesCompanies
ActActActAct
S. 2(76)S. 2(76)S. 2(76)S. 2(76)
S. 184S. 184S. 184S. 184 S. 188S. 188S. 188S. 188
Income TaxIncome TaxIncome TaxIncome Tax
40A(2)(b)40A(2)(b)40A(2)(b)40A(2)(b)
Lunawat & Co.
37. AUDITING STANDARDSAUDITING STANDARDSAUDITING STANDARDSAUDITING STANDARDS
Auditor to comply with auditing standardsAuditor to comply with auditing standardsAuditor to comply with auditing standardsAuditor to comply with auditing standards
NFRA to notify auditing standards. Till NFRANFRA to notify auditing standards. Till NFRANFRA to notify auditing standards. Till NFRANFRA to notify auditing standards. Till NFRA
doesdoesdoesdoes –––– as by ICAIas by ICAIas by ICAIas by ICAI
Total 38 SAsTotal 38 SAsTotal 38 SAsTotal 38 SAs
Lunawat & Co.
SA. No.SA. No.SA. No.SA. No. SubSubSubSub----divisiondivisiondivisiondivision No.No.No.No.
100100100100----199199199199 Introductory MattersIntroductory MattersIntroductory MattersIntroductory Matters 0000
200200200200----299299299299 General Principles & ResponsibilitiesGeneral Principles & ResponsibilitiesGeneral Principles & ResponsibilitiesGeneral Principles & Responsibilities 9999
300300300300----499499499499 Risk Assessment and Response to Assessed RisksRisk Assessment and Response to Assessed RisksRisk Assessment and Response to Assessed RisksRisk Assessment and Response to Assessed Risks 6666
500500500500----599599599599 Audit EvidenceAudit EvidenceAudit EvidenceAudit Evidence 11111111
600600600600----699699699699 Using Work of OthersUsing Work of OthersUsing Work of OthersUsing Work of Others 3333
700700700700----799799799799 Audit Conclusions and ReportingAudit Conclusions and ReportingAudit Conclusions and ReportingAudit Conclusions and Reporting 6666
800800800800----899899899899 Specialized AreasSpecialized AreasSpecialized AreasSpecialized Areas 3333
39. COMPNY’SCOMPNY’SCOMPNY’SCOMPNY’S AUDIT REPORTAUDIT REPORTAUDIT REPORTAUDIT REPORT
Inquiry u/s 143(1)Inquiry u/s 143(1)Inquiry u/s 143(1)Inquiry u/s 143(1) –––– 6 points6 points6 points6 points
To be reported when commentsTo be reported when commentsTo be reported when commentsTo be reported when comments
requiredrequiredrequiredrequired
Report to also include:Report to also include:Report to also include:Report to also include:
Matters specified u/s 143(3)Matters specified u/s 143(3)Matters specified u/s 143(3)Matters specified u/s 143(3) ---- 9 points9 points9 points9 points
Matters specified in RulesMatters specified in RulesMatters specified in RulesMatters specified in Rules ---- 3 points3 points3 points3 points
AnyAnyAnyAny order madeorder madeorder madeorder made u/s 143(3) foru/s 143(3) foru/s 143(3) foru/s 143(3) for
specified Companies in consultationspecified Companies in consultationspecified Companies in consultationspecified Companies in consultation
with NFRAwith NFRAwith NFRAwith NFRA –––– CARO 2016CARO 2016CARO 2016CARO 2016 –––– 16 points16 points16 points16 points
Lunawat & Co.
42. LESS COMPLEXLESS COMPLEXLESS COMPLEXLESS COMPLEX
Concentration of ownershipConcentration of ownershipConcentration of ownershipConcentration of ownership &&&& management in a smallmanagement in a smallmanagement in a smallmanagement in a small
number of individuals;number of individuals;number of individuals;number of individuals;
StraightforwardStraightforwardStraightforwardStraightforward or uncomplicated transactions;or uncomplicated transactions;or uncomplicated transactions;or uncomplicated transactions;
SimpleSimpleSimpleSimple recordrecordrecordrecord----keeping/centralized accounting;keeping/centralized accounting;keeping/centralized accounting;keeping/centralized accounting;
FewFewFewFew lines of business &lines of business &lines of business &lines of business & few products within businessfew products within businessfew products within businessfew products within business
lineslineslineslines;;;;
FewFewFewFew internal controls;internal controls;internal controls;internal controls;
FewFewFewFew levels of management with responsibility for alevels of management with responsibility for alevels of management with responsibility for alevels of management with responsibility for a
broad range of controls;broad range of controls;broad range of controls;broad range of controls;
FewFewFewFew personnel, many having a wide range of duties;personnel, many having a wide range of duties;personnel, many having a wide range of duties;personnel, many having a wide range of duties;
UseUseUseUse of less complex IT systems;of less complex IT systems;of less complex IT systems;of less complex IT systems;
ExtensiveExtensiveExtensiveExtensive involvement byinvolvement byinvolvement byinvolvement by owners &owners &owners &owners & senior managementsenior managementsenior managementsenior management
in the dayin the dayin the dayin the day----totototo----day activities of the businessday activities of the businessday activities of the businessday activities of the business.
Lunawat & Co.
43. ICFR REPORTINGICFR REPORTINGICFR REPORTINGICFR REPORTING
Take Engagement LetterTake Engagement LetterTake Engagement LetterTake Engagement Letter
Perform proceduresPerform proceduresPerform proceduresPerform procedures
Take Representation LetterTake Representation LetterTake Representation LetterTake Representation Letter
Issue Separate / Combined ReportIssue Separate / Combined ReportIssue Separate / Combined ReportIssue Separate / Combined Report
UnmodifiedUnmodifiedUnmodifiedUnmodified
ModifiedModifiedModifiedModified
QualifiedQualifiedQualifiedQualified
AdverseAdverseAdverseAdverse
DisclaimerDisclaimerDisclaimerDisclaimer
Lunawat & Co.
44. ICFR REPORTINGICFR REPORTINGICFR REPORTINGICFR REPORTING
QQQQualifiedualifiedualifiedualified or anor anor anor an adverse opinion ifadverse opinion ifadverse opinion ifadverse opinion if materialmaterialmaterialmaterial
weaknessesweaknessesweaknessesweaknesses identified asidentified asidentified asidentified as part of audit.part of audit.part of audit.part of audit.
MaterialMaterialMaterialMaterial weaknesses is a deficiency or aweaknesses is a deficiency or aweaknesses is a deficiency or aweaknesses is a deficiency or a
combination ofcombination ofcombination ofcombination of deficienciesdeficienciesdeficienciesdeficiencies inininin ICFR,ICFR,ICFR,ICFR, suchsuchsuchsuch
that material misstatement of co.’s annualthat material misstatement of co.’s annualthat material misstatement of co.’s annualthat material misstatement of co.’s annual
FSFSFSFS not prevented/detected on timelynot prevented/detected on timelynot prevented/detected on timelynot prevented/detected on timely basisbasisbasisbasis
AdverseAdverseAdverseAdverse opinionopinionopinionopinion ---- if matters are pervasiveif matters are pervasiveif matters are pervasiveif matters are pervasive
totototo FSFSFSFS i.e. they impact various elements,i.e. they impact various elements,i.e. they impact various elements,i.e. they impact various elements,
accounts or a substantial portion of FS.accounts or a substantial portion of FS.accounts or a substantial portion of FS.accounts or a substantial portion of FS.
Additionally, significant controlAdditionally, significant controlAdditionally, significant controlAdditionally, significant control
deficiencies reported to audit committeedeficiencies reported to audit committeedeficiencies reported to audit committeedeficiencies reported to audit committee
Lunawat & Co.
45. ICFR REPORTINGICFR REPORTINGICFR REPORTINGICFR REPORTING
Auditor to disclaim opinionAuditor to disclaim opinionAuditor to disclaim opinionAuditor to disclaim opinion onononon co.’s ICFR:co.’s ICFR:co.’s ICFR:co.’s ICFR:
ifififif company has not established its system of IFC overcompany has not established its system of IFC overcompany has not established its system of IFC overcompany has not established its system of IFC over
financial reporting considering essentialfinancial reporting considering essentialfinancial reporting considering essentialfinancial reporting considering essential
components of internal control ;components of internal control ;components of internal control ;components of internal control ; orororor
auditor is unable to obtain sufficient appropriateauditor is unable to obtain sufficient appropriateauditor is unable to obtain sufficient appropriateauditor is unable to obtain sufficient appropriate
audit evidence to express an opinionaudit evidence to express an opinionaudit evidence to express an opinionaudit evidence to express an opinion on ICFR buton ICFR buton ICFR buton ICFR but isisisis
able to perform appropriate substantive proceduresable to perform appropriate substantive proceduresable to perform appropriate substantive proceduresable to perform appropriate substantive procedures
to express an opinion onto express an opinion onto express an opinion onto express an opinion on FS;FS;FS;FS; orororor
system ofsystem ofsystem ofsystem of ICFR wereICFR wereICFR wereICFR were not made available tonot made available tonot made available tonot made available to auditorauditorauditorauditor totototo
enableenableenableenable themthemthemthem to determine ifto determine ifto determine ifto determine if Co. hasCo. hasCo. hasCo. has establishedestablishedestablishedestablished
adequateadequateadequateadequate ICFRICFRICFRICFR and whether such internal financialand whether such internal financialand whether such internal financialand whether such internal financial
controls were operating effectivelycontrols were operating effectivelycontrols were operating effectivelycontrols were operating effectively
Lunawat & Co.
46. ICFR REPORTINGICFR REPORTINGICFR REPORTINGICFR REPORTING ---- QUALIFIEDQUALIFIEDQUALIFIEDQUALIFIED
Lunawat & Co.
Due toDue toDue toDue to adequacyadequacyadequacyadequacy
(and therefore(and therefore(and therefore(and therefore
operatingoperatingoperatingoperating
effectiveness)effectiveness)effectiveness)effectiveness)
• The CompanyThe CompanyThe CompanyThe Company did not have an appropriatedid not have an appropriatedid not have an appropriatedid not have an appropriate
internal control systeminternal control systeminternal control systeminternal control system for customer acceptance,for customer acceptance,for customer acceptance,for customer acceptance,
credit evaluation and establishing customercredit evaluation and establishing customercredit evaluation and establishing customercredit evaluation and establishing customer
credit limits for sales, which could potentiallycredit limits for sales, which could potentiallycredit limits for sales, which could potentiallycredit limits for sales, which could potentially
result in the Company recognising revenueresult in the Company recognising revenueresult in the Company recognising revenueresult in the Company recognising revenue
without establishing reasonable certainty ofwithout establishing reasonable certainty ofwithout establishing reasonable certainty ofwithout establishing reasonable certainty of
ultimate collectionultimate collectionultimate collectionultimate collection
• ..except for the effects/possible effects of the..except for the effects/possible effects of the..except for the effects/possible effects of the..except for the effects/possible effects of the
material weakness/material weakness/material weakness/material weakness/eseseses described above on thedescribed above on thedescribed above on thedescribed above on the
achievement of the objectives of the controlachievement of the objectives of the controlachievement of the objectives of the controlachievement of the objectives of the control
criteria,criteria,criteria,criteria, the Company has maintained, in allthe Company has maintained, in allthe Company has maintained, in allthe Company has maintained, in all
material respects, adequate internal financialmaterial respects, adequate internal financialmaterial respects, adequate internal financialmaterial respects, adequate internal financial
controls over financial reporting as on..controls over financial reporting as on..controls over financial reporting as on..controls over financial reporting as on..
• …these material weakness/…these material weakness/…these material weakness/…these material weakness/eseseses do not affect ourdo not affect ourdo not affect ourdo not affect our
opinion on the standalone financial statementsopinion on the standalone financial statementsopinion on the standalone financial statementsopinion on the standalone financial statements
of the Companyof the Companyof the Companyof the Company
47. ICFR REPORTINGICFR REPORTINGICFR REPORTINGICFR REPORTING ---- ADVERSEADVERSEADVERSEADVERSE
Lunawat & Co.
Due toDue toDue toDue to adequacyadequacyadequacyadequacy
(and therefore(and therefore(and therefore(and therefore
operatingoperatingoperatingoperating
effectiveness)effectiveness)effectiveness)effectiveness)
• The CompanyThe CompanyThe CompanyThe Company did not have an appropriatedid not have an appropriatedid not have an appropriatedid not have an appropriate
internal control systeminternal control systeminternal control systeminternal control system for customer acceptance,for customer acceptance,for customer acceptance,for customer acceptance,
credit evaluation and …...credit evaluation and …...credit evaluation and …...credit evaluation and …...
• The CompanyThe CompanyThe CompanyThe Company did not have an appropriatedid not have an appropriatedid not have an appropriatedid not have an appropriate
internal control system for inventoryinternal control system for inventoryinternal control system for inventoryinternal control system for inventory with regardwith regardwith regardwith regard
to receipts, issue for production and physicalto receipts, issue for production and physicalto receipts, issue for production and physicalto receipts, issue for production and physical
verification. Further, the internal control systemverification. Further, the internal control systemverification. Further, the internal control systemverification. Further, the internal control system
for identification and allocation of overheads tofor identification and allocation of overheads tofor identification and allocation of overheads tofor identification and allocation of overheads to
inventory was also not adequate. These couldinventory was also not adequate. These couldinventory was also not adequate. These couldinventory was also not adequate. These could
potentially result in material misstatements inpotentially result in material misstatements inpotentially result in material misstatements inpotentially result in material misstatements in
the Company’s trade payables, consumption,the Company’s trade payables, consumption,the Company’s trade payables, consumption,the Company’s trade payables, consumption,
inventory and expense account balances.inventory and expense account balances.inventory and expense account balances.inventory and expense account balances.
• …the Company…the Company…the Company…the Company has not maintained adequatehas not maintained adequatehas not maintained adequatehas not maintained adequate
internal financial controlsinternal financial controlsinternal financial controlsinternal financial controls over financial reportingover financial reportingover financial reportingover financial reporting
• …these material weakness/…these material weakness/…these material weakness/…these material weakness/eseseses do not affect ourdo not affect ourdo not affect ourdo not affect our
opinion on the financial statements of theopinion on the financial statements of theopinion on the financial statements of theopinion on the financial statements of the
CompanyCompanyCompanyCompany
48. ICFR REPORTINGICFR REPORTINGICFR REPORTINGICFR REPORTING ---- QUALIFIEDQUALIFIEDQUALIFIEDQUALIFIED
Lunawat & Co.
QualifiedQualifiedQualifiedQualified ---- Due toDue toDue toDue to
operatingoperatingoperatingoperating
effectivenesseffectivenesseffectivenesseffectiveness
UnmodifiedUnmodifiedUnmodifiedUnmodified –––– OnOnOnOn
AdequacyAdequacyAdequacyAdequacy
• The Company’sThe Company’sThe Company’sThe Company’s internal financial controls overinternal financial controls overinternal financial controls overinternal financial controls over
customer acceptancecustomer acceptancecustomer acceptancecustomer acceptance, credit evaluation and, credit evaluation and, credit evaluation and, credit evaluation and
establishing customer credit limits for sales,establishing customer credit limits for sales,establishing customer credit limits for sales,establishing customer credit limits for sales,
were not operating effectivelywere not operating effectivelywere not operating effectivelywere not operating effectively which couldwhich couldwhich couldwhich could
potentially result in the Company recognisingpotentially result in the Company recognisingpotentially result in the Company recognisingpotentially result in the Company recognising
revenue without establishing reasonablerevenue without establishing reasonablerevenue without establishing reasonablerevenue without establishing reasonable
certainty of ultimate collectioncertainty of ultimate collectioncertainty of ultimate collectioncertainty of ultimate collection
• ..except for the effects/possible effects of the..except for the effects/possible effects of the..except for the effects/possible effects of the..except for the effects/possible effects of the
material weakness/material weakness/material weakness/material weakness/eseseses described above on thedescribed above on thedescribed above on thedescribed above on the
achievement of the objectives of the controlachievement of the objectives of the controlachievement of the objectives of the controlachievement of the objectives of the control
criteria,criteria,criteria,criteria, the Company’s internal financial controlsthe Company’s internal financial controlsthe Company’s internal financial controlsthe Company’s internal financial controls
over financial reporting were operatingover financial reporting were operatingover financial reporting were operatingover financial reporting were operating
effectively as on..effectively as on..effectively as on..effectively as on..
• …these material weakness/…these material weakness/…these material weakness/…these material weakness/eseseses do not affect ourdo not affect ourdo not affect ourdo not affect our
opinion on the standalone financial statementsopinion on the standalone financial statementsopinion on the standalone financial statementsopinion on the standalone financial statements
of the Companyof the Companyof the Companyof the Company
49. ICFR REPORTINGICFR REPORTINGICFR REPORTINGICFR REPORTING ---- ADVERSEADVERSEADVERSEADVERSE
Lunawat & Co.
Due toDue toDue toDue to operatingoperatingoperatingoperating
effectivenesseffectivenesseffectivenesseffectiveness
UnmodifiedUnmodifiedUnmodifiedUnmodified –––– OnOnOnOn
AdequacyAdequacyAdequacyAdequacy
• The Company’sThe Company’sThe Company’sThe Company’s internal financial controls overinternal financial controls overinternal financial controls overinternal financial controls over
customer acceptancecustomer acceptancecustomer acceptancecustomer acceptance, credit evaluation and, credit evaluation and, credit evaluation and, credit evaluation and
establishing customer credit limits for sales,establishing customer credit limits for sales,establishing customer credit limits for sales,establishing customer credit limits for sales,
were not operating effectivelywere not operating effectivelywere not operating effectivelywere not operating effectively which couldwhich couldwhich couldwhich could
potentially result in the Company ….potentially result in the Company ….potentially result in the Company ….potentially result in the Company ….
• The Company’sThe Company’sThe Company’sThe Company’s internal control systeminternal control systeminternal control systeminternal control system forforforfor
inventory with regard to receipts, issue forinventory with regard to receipts, issue forinventory with regard to receipts, issue forinventory with regard to receipts, issue for
production and physical verificationproduction and physical verificationproduction and physical verificationproduction and physical verification were notwere notwere notwere not
operating effectivelyoperating effectivelyoperating effectivelyoperating effectively. Further, the internal control. Further, the internal control. Further, the internal control. Further, the internal control
system for identification and allocation ofsystem for identification and allocation ofsystem for identification and allocation ofsystem for identification and allocation of
overheads to inventoryoverheads to inventoryoverheads to inventoryoverheads to inventory was also not operatingwas also not operatingwas also not operatingwas also not operating
effectively.effectively.effectively.effectively. These could potentially result ….These could potentially result ….These could potentially result ….These could potentially result ….
• …Company’s internal financial controls over…Company’s internal financial controls over…Company’s internal financial controls over…Company’s internal financial controls over
financial reportingfinancial reportingfinancial reportingfinancial reporting were not operating effectivelywere not operating effectivelywere not operating effectivelywere not operating effectively
• …these material weakness/…these material weakness/…these material weakness/…these material weakness/eseseses do not affect ourdo not affect ourdo not affect ourdo not affect our
opinion on the financial statements of Companyopinion on the financial statements of Companyopinion on the financial statements of Companyopinion on the financial statements of Company
50. ICFR REPORTINGICFR REPORTINGICFR REPORTINGICFR REPORTING ---- ADVERSEADVERSEADVERSEADVERSE
Lunawat & Co.
Due toDue toDue toDue to ---- EssentialEssentialEssentialEssential
components ofcomponents ofcomponents ofcomponents of
internal controlsinternal controlsinternal controlsinternal controls
not adequatelynot adequatelynot adequatelynot adequately
consideredconsideredconsideredconsidered
in the internalin the internalin the internalin the internal
financial controlsfinancial controlsfinancial controlsfinancial controls
established by theestablished by theestablished by theestablished by the
companycompanycompanycompany
• The CompanyThe CompanyThe CompanyThe Company did not have an appropriatedid not have an appropriatedid not have an appropriatedid not have an appropriate
internal financial control system over financialinternal financial control system over financialinternal financial control system over financialinternal financial control system over financial
reportingreportingreportingreporting since the internal controls adopted bysince the internal controls adopted bysince the internal controls adopted bysince the internal controls adopted by
the Company didthe Company didthe Company didthe Company did not adequately consider risknot adequately consider risknot adequately consider risknot adequately consider risk
assessment,assessment,assessment,assessment, which is one of the essentialwhich is one of the essentialwhich is one of the essentialwhich is one of the essential
components of internal control, with regard tocomponents of internal control, with regard tocomponents of internal control, with regard tocomponents of internal control, with regard to
the potential for fraud when performing riskthe potential for fraud when performing riskthe potential for fraud when performing riskthe potential for fraud when performing risk
assessmentassessmentassessmentassessment
• …the Company…the Company…the Company…the Company has not maintained adequatehas not maintained adequatehas not maintained adequatehas not maintained adequate
and effective internal financial controls overand effective internal financial controls overand effective internal financial controls overand effective internal financial controls over
financial reportingfinancial reportingfinancial reportingfinancial reporting as on..as on..as on..as on..
• …these material weaknesses…these material weaknesses…these material weaknesses…these material weaknesses do not affect ourdo not affect ourdo not affect ourdo not affect our
opinion on the financial statements of theopinion on the financial statements of theopinion on the financial statements of theopinion on the financial statements of the
CompanyCompanyCompanyCompany
51. ICFR REPORTINGICFR REPORTINGICFR REPORTINGICFR REPORTING ---- ADVERSEADVERSEADVERSEADVERSE
Lunawat & Co.
Resulting inResulting inResulting inResulting in
modified opinionmodified opinionmodified opinionmodified opinion
of standaloneof standaloneof standaloneof standalone
financialfinancialfinancialfinancial
statementsstatementsstatementsstatements
• The CompanyThe CompanyThe CompanyThe Company did not have appropriate internaldid not have appropriate internaldid not have appropriate internaldid not have appropriate internal
controls for reconciliation of physically inventorycontrols for reconciliation of physically inventorycontrols for reconciliation of physically inventorycontrols for reconciliation of physically inventory
with the inventory records, which has resulted inwith the inventory records, which has resulted inwith the inventory records, which has resulted inwith the inventory records, which has resulted in
misstatement of inventory values in the books ofmisstatement of inventory values in the books ofmisstatement of inventory values in the books ofmisstatement of inventory values in the books of
account.…account.…account.…account.…
• because of the effect of the materialbecause of the effect of the materialbecause of the effect of the materialbecause of the effect of the material
weaknesses described above on theweaknesses described above on theweaknesses described above on theweaknesses described above on the
achievement of the objectives of the controlachievement of the objectives of the controlachievement of the objectives of the controlachievement of the objectives of the control
criteria, the Companycriteria, the Companycriteria, the Companycriteria, the Company has not maintainedhas not maintainedhas not maintainedhas not maintained
adequate and effective internal financial controlsadequate and effective internal financial controlsadequate and effective internal financial controlsadequate and effective internal financial controls
over financial reporting as of..over financial reporting as of..over financial reporting as of..over financial reporting as of..
• …these material weakness/…these material weakness/…these material weakness/…these material weakness/eseseses has affected ourhas affected ourhas affected ourhas affected our
opinion on the standalone financial statementsopinion on the standalone financial statementsopinion on the standalone financial statementsopinion on the standalone financial statements
of the Company and we have issued a qualifiedof the Company and we have issued a qualifiedof the Company and we have issued a qualifiedof the Company and we have issued a qualified
(/ adverse / disclaimer of) opinion(/ adverse / disclaimer of) opinion(/ adverse / disclaimer of) opinion(/ adverse / disclaimer of) opinion on theon theon theon the
standalone financial statements.standalone financial statements.standalone financial statements.standalone financial statements.
52. ICFR REPORTINGICFR REPORTINGICFR REPORTINGICFR REPORTING ---- DISCLAIMERDISCLAIMERDISCLAIMERDISCLAIMER
Lunawat & Co.
Due toDue toDue toDue to ----
Framework forFramework forFramework forFramework for
internal financialinternal financialinternal financialinternal financial
control overcontrol overcontrol overcontrol over
financial reportingfinancial reportingfinancial reportingfinancial reporting
notnotnotnot
established butestablished butestablished butestablished but
does not impactdoes not impactdoes not impactdoes not impact
the audit opinionthe audit opinionthe audit opinionthe audit opinion
on financialon financialon financialon financial
statementsstatementsstatementsstatements
• the Companythe Companythe Companythe Company has not established its internalhas not established its internalhas not established its internalhas not established its internal
financial control over financial reporting onfinancial control over financial reporting onfinancial control over financial reporting onfinancial control over financial reporting on
criteria based on or considering the essentialcriteria based on or considering the essentialcriteria based on or considering the essentialcriteria based on or considering the essential
componentscomponentscomponentscomponents of internal control stated in theof internal control stated in theof internal control stated in theof internal control stated in the
Guidance Note on Audit ofGuidance Note on Audit ofGuidance Note on Audit ofGuidance Note on Audit of IFCoFRIFCoFRIFCoFRIFCoFR issued by theissued by theissued by theissued by the
ICAI. Because of this reason,ICAI. Because of this reason,ICAI. Because of this reason,ICAI. Because of this reason, we are unable towe are unable towe are unable towe are unable to
obtain sufficient appropriate audit evidence toobtain sufficient appropriate audit evidence toobtain sufficient appropriate audit evidence toobtain sufficient appropriate audit evidence to
provide a basis for our opinionprovide a basis for our opinionprovide a basis for our opinionprovide a basis for our opinion whether thewhether thewhether thewhether the
Company had adequate internal financialCompany had adequate internal financialCompany had adequate internal financialCompany had adequate internal financial
controls over financial reporting and whethercontrols over financial reporting and whethercontrols over financial reporting and whethercontrols over financial reporting and whether
such internal financial controls were operatingsuch internal financial controls were operatingsuch internal financial controls were operatingsuch internal financial controls were operating
effectively as at…effectively as at…effectively as at…effectively as at…
• …the…the…the…the disclaimer does notdisclaimer does notdisclaimer does notdisclaimer does not affectaffectaffectaffect our opinion onour opinion onour opinion onour opinion on
the financial statements of the Companythe financial statements of the Companythe financial statements of the Companythe financial statements of the Company
53. ICFR REPORTINGICFR REPORTINGICFR REPORTINGICFR REPORTING ---- DISCLAIMERDISCLAIMERDISCLAIMERDISCLAIMER
Lunawat & Co.
Due toDue toDue toDue to ----AuditorAuditorAuditorAuditor
unable to obtainunable to obtainunable to obtainunable to obtain
sufficientsufficientsufficientsufficient
appropriate auditappropriate auditappropriate auditappropriate audit
evidence onevidence onevidence onevidence on
internal financialinternal financialinternal financialinternal financial
controls overcontrols overcontrols overcontrols over
financial reportingfinancial reportingfinancial reportingfinancial reporting
but does notbut does notbut does notbut does not
impact auditimpact auditimpact auditimpact audit
opinion on theopinion on theopinion on theopinion on the
financialfinancialfinancialfinancial
statementsstatementsstatementsstatements
• The system of internal financial controls overThe system of internal financial controls overThe system of internal financial controls overThe system of internal financial controls over
financial reporting with regard tofinancial reporting with regard tofinancial reporting with regard tofinancial reporting with regard to one of theone of theone of theone of the
significant branches of the Company at _____significant branches of the Company at _____significant branches of the Company at _____significant branches of the Company at _____
were not made available to uswere not made available to uswere not made available to uswere not made available to us to enable us toto enable us toto enable us toto enable us to
determine if the Company has establisheddetermine if the Company has establisheddetermine if the Company has establisheddetermine if the Company has established
adequate internal financial control over financialadequate internal financial control over financialadequate internal financial control over financialadequate internal financial control over financial
reporting at the aforesaid branch and whetherreporting at the aforesaid branch and whetherreporting at the aforesaid branch and whetherreporting at the aforesaid branch and whether
such internal financial controls were operatingsuch internal financial controls were operatingsuch internal financial controls were operatingsuch internal financial controls were operating
effectively as at…effectively as at…effectively as at…effectively as at…
• …the…the…the…the disclaimer does notdisclaimer does notdisclaimer does notdisclaimer does not affectaffectaffectaffect our opinion onour opinion onour opinion onour opinion on
the financial statements of the Companythe financial statements of the Companythe financial statements of the Companythe financial statements of the Company
54. ICFR REPORTINGICFR REPORTINGICFR REPORTINGICFR REPORTING ---- DISCLAIMERDISCLAIMERDISCLAIMERDISCLAIMER
Lunawat & Co.
Due toDue toDue toDue to ----AuditorAuditorAuditorAuditor
unable to obtainunable to obtainunable to obtainunable to obtain
sufficientsufficientsufficientsufficient
appropriate auditappropriate auditappropriate auditappropriate audit
evidence onevidence onevidence onevidence on
internal financialinternal financialinternal financialinternal financial
controls overcontrols overcontrols overcontrols over
financial reportingfinancial reportingfinancial reportingfinancial reporting
and impactingand impactingand impactingand impacting
auditauditauditaudit
opinion on theopinion on theopinion on theopinion on the
financialfinancialfinancialfinancial
statementsstatementsstatementsstatements
• The system of internal financial controls overThe system of internal financial controls overThe system of internal financial controls overThe system of internal financial controls over
financial reporting with regard tofinancial reporting with regard tofinancial reporting with regard tofinancial reporting with regard to the Companythe Companythe Companythe Company
were not made available to uswere not made available to uswere not made available to uswere not made available to us to enable us toto enable us toto enable us toto enable us to
determine if the Company has establisheddetermine if the Company has establisheddetermine if the Company has establisheddetermine if the Company has established
adequate internal financial control over financialadequate internal financial control over financialadequate internal financial control over financialadequate internal financial control over financial
reporting and whether such internal financialreporting and whether such internal financialreporting and whether such internal financialreporting and whether such internal financial
controls were operating effectively as at…controls were operating effectively as at…controls were operating effectively as at…controls were operating effectively as at…
• … the disclaimer has affected our opinion on the… the disclaimer has affected our opinion on the… the disclaimer has affected our opinion on the… the disclaimer has affected our opinion on the
financial statements of the standalone Companyfinancial statements of the standalone Companyfinancial statements of the standalone Companyfinancial statements of the standalone Company
andandandand we have issued a qualified (/ adverse /we have issued a qualified (/ adverse /we have issued a qualified (/ adverse /we have issued a qualified (/ adverse /
disclaimer of) opinion ondisclaimer of) opinion ondisclaimer of) opinion ondisclaimer of) opinion on the financialthe financialthe financialthe financial
statements.statements.statements.statements.