TaxTMI 
TaxTMI 
Matters to be included in the auditor's report.
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....epancies were noticed on such verification and if so, whether the same have been properly dealt with in the books of account; (c) if a substantial part of fixed assets have been disposed off during the year, whether it has affected the going concern; (ii) (a) whether physical verification of inventory has been conducted at reasonable intervals by the management; (b) are the procedures of physical verification of inventory followed by the management reasonable and adequate in relation to the size of the company and the nature of its business. If not, the inadequacies in such procedures should b....
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....rest of the company; and (g) whether payment of the principal amount and interest are also regular;] ^ [2][(iv) is there an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and service. Whether there is a continuing failure to correct major weaknesses in internal control system;] ^ [3][(v) (a) whether the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section; and &nbs....
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....ribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act, whether such accounts and records have been made and maintained; (ix) (a) is the company regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, ^[6][Service Tax,] Custom Duty, Excise Duty, cess and any other statutory dues with the appropriate authorities and if not, the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable, shall be indicated by the auditor. ^ &....
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.... balance sheet; (b) whether the company has complied with the prudential norms on income recognition and provisioning against sub-standard/^[9][doubtful]/loss assets; (c) whether the company has adequate procedures for appraisal of credit proposals/requests, assessment of credit needs and repayment capacity of the borrowers; (d) whether the repayment schedule of various loans granted by the nidhi is based on the repayment capacity of the borrower ^[10][* * *]; (xiv) if the company is dealing or trading in shares, securities, debentures and ot....
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....sp; "(iii) (a) has the company either granted or taken any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Act. If so, give the number of parties and amount involved in the transactions; (b) whether the rate of interest and other terms and conditions of loans given or taken by the company, secured or unsecured, are prima facie prejudicial to the interest of the company; (c) whether payment of the principal amount and interest are also regular; (d) if overdue amount is more than one lakh, whether reasonable steps have been taken by the company for recovery/payment of the p....