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Accounting and Financial Review
Vouching and verification of the transactions entered into by the Company (Purchases, Sales, Cash, Bank, etc.)
Verification of all the journal entries for their correctness based on the supporting documents and information available.
Review of Cash & Bank balances during the audit period.
Verification of the Bank Reconciliation Statements prepared for all the bank accounts held by the Company, for every month.
Verification of the Depreciation working & accounting for the same, and below the line items like provision for taxes, deferred tax, etc.
Review of Interest & Financial Cost incurred by the Company to check whether the interest has been charged by the lenders correctly as per the terms of the lending agreement or sanction letters.
Verification of the deposits / advances received from customers and their adjustment with routine transactions as the business activity takes place with them.
To check the compliance with accrual & matching concept of accounting in above instances. Also, whether the required provisions for expenses have been made at year-end in the books of accounts.
To review the method and concept followed for recognizing the revenue at any point of time during the year for :
  • Sales of different publications
  • Advertisement Revenue
To undertake the general ledger scrutiny of the accounting ledgers for checking any irregularities in the transactions posting and to identify the unusual transactions.
To check the overhead expenditure incurred vis-à-vis the budgeted overhead expenditure and to report the major variances, if any.
Undertake a comprehensive activity of cost analysis for verifying the end-utilization, relevance, possibility of alternate means for the given goods and services, wastage of resources.
To undertake evaluation of MIS & Financial report prepared on periodic basis by the Accounts and Finance Team to check the correctness of the report on the basis of the information available at the time of preparation of the report.
Verification of the Debtors and Creditors position during the year - collection and payment cycle, credit period, long outstanding, interests on overdue amounts, etc. as major part of the Working Capital comprises of Accounts Receivables & Accounts Payable.
Verification of the transactions entered into with group companies and their accounting treatment and compliance with statutory provisions.
To check that all the purchases are made with approval of the designated authority by raising a Purchase Order (PO).
Verification of the approvals, sanctions, agreements allowing concession / discounts to the customers as agreed to them and to report the deviations, if any. To verify that the inventory records are maintained properly as per the required procedures. Review of the valuation principles followed for valuation of inventories and the method adopted for computation.
 
 
 
     
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