GST audit accounting: auditors must link financial accounts, contracts and ERP controls to assess compliance. GST audit hinges on understanding financial accounting recognition and valuation differences vis a vis GST-impacting time of supply, value of supply, supplies without consideration and post sale adjustments-and on evaluating the auditee's internal controls to determine reliance, sample design and detection of off book or related party transactions; auditors must also scrutinise contracts and sectoral accounting treatments and use ERP aware, controls based and computer assisted techniques, supported by targeted capacity building and checklists.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
GST audit accounting: auditors must link financial accounts, contracts and ERP controls to assess compliance.
GST audit hinges on understanding financial accounting recognition and valuation differences vis a vis GST-impacting time of supply, value of supply, supplies without consideration and post sale adjustments-and on evaluating the auditee's internal controls to determine reliance, sample design and detection of off book or related party transactions; auditors must also scrutinise contracts and sectoral accounting treatments and use ERP aware, controls based and computer assisted techniques, supported by targeted capacity building and checklists.
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