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Peer Review of audit documentation by the statutory auditors

The Peer Reviewer (PR) would require to examine the following in the course of the review of the audit files:

S. No.ParticularsYes/No/Not ApplicableRemarks
1.Letter of appointment (issued by the Company)
2.Letter of acceptance by the Firm
3.Engagement letter (acknowledged by the Co.)    AAS –26 / SA 210
4.Policy regarding independence
5.Audit Planning (Programme) AAS-8 / SA-300
6.List of staff (name and qualification) of those:-          who attended audit-          allocation / division of work-          time taken-          evidence of their having done the job allotted
7.List of manufacturing / production units / branch offices and whether accounting is centralized or located in respective places.
8.Note on knowledge of business: AAS-20/SA 310
9.Risk assessment and internal control AAS6/SA400
10.Signed copy of the Balance sheet and annexures (including Profit and Loss account) for the year ended 31.03.2009
11.Initialed / authenticated copy of the Balance Sheet and annexures (including Profit & Loss account) for the quarter ended 31.12.2008
12.Matters brought to the notice of Audit Committee
13.Evidence of the Firm’s representative, who attended the Audit Committee meeting. 
14  Working papers (where required):- limits under section 372A regarding loans given / deposits (CA 2013 – Section 186)- limits under section 293 (1) (d) in respect of borrowings (CA 2013 – Section 180)- limits under section 292 (Board’s powers)

(CA 2013 – Section 179)

– transactions attracting section 301 of the Act

(CA 2013 – Section 189)

– Transfer of profits to Reserve Rules

– Appointment of Managerial Personnel (MD/WTD/ED) and Managerial

Remuneration u/s 198 including copies of Board / AGM resoultions. (CA 2013 – Section 197)

15.Evidence of physical verification of cash balance on hand and cash balance certificates by management – notes (if any) on periodical verification of cash on hand by management staff / internal audit.
16.Availability of balance confirmation from banks (for bank balances, term deposits, non fund based utilized limits and guarantees issued) (direct AAS-30 (SA – 505) or through Company) and lenders – copies of reconciliation need to be correlated with the schedules.
17.Evidence of verification of land title deeds (where applicable)
18.Working papers evidencing physical verification of fixed assets / stores etc. by management (refer to CARO).
19.Debtor’s classification – more than and less than six months – provision for debts outstanding for more than three years.
20.Working papers for review of major contracts (capital and revenue) and observations.
21.Balance confirmations – procedures relating to debtors list / advances / loans given.
22.Disclosure of interest by Board of Directors– Copies of Form 24AA (CA 2013 – MBP 1)
23.Notes on review of Board Minutes and Committee minutes and extracts therefrom
24.Evidence of verification of certificate under section 274(1)(g) of the Companies Act (CA 2013 – Section 164)
25.Break-up of contingent liabilities with specific reference to matters covered under CARO report.
26.Internal audit – Notes on scope of internal audit (copies) – extracts from internal audit reports (refer to CARO).
27.Statement showing statutory payments (PF / ESI etc.) and tax deduction at source, to enable reporting under CARO Report
28.Statement of capital commitments duly certified by the management (where applicable) – whether compared with advance for capital expenditure.
29.Disclosures required under various Accounting Standards together with working papers, where required (separate list made).
30.Evidence and extent of verification of vouchers (transaction audit); working papers relating to Analytical procedures (Ratios)
31.Computation of Taxable income/ FBT/DTA/DTL – Scrutiny of the status of income tax assessments, appeals etc – correlate to the contingent liabilities and notes on accounts.
32.Compliance of Schedule VI, requirements together with working papers, where required. (CA 2013 – Schedule III)
33.Audit observations and manner of disposal, basis for qualification (if any) on audit report
34. ESOP: Working papers showing adherence to the ICAI guidelines and that of SEBI.
35.Details of forward contracts / derivative contracts together with confirmation from the banks.
36.Letter of representation

Peer Review of audit documentation by the statutory auditors

Peer Review of audit documentation by the statutory auditors

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