S.No.
Worksheet
1
Exception Report
2
Index
3
Preliminary
4
L10 - Share Capital
5
L 11 - R & S
6
L 2 - SAM
7
L 30 - Long Term Borrowings
8
L 31 - Deferred Tax Liabilities
9
L32-Other Long Term Liabilities
10
L 33 - Long Term Provisions
11
L 40 - Short Term Borrowings
12
L 41 - Trade Payables
13
L 42 - OCL
14
L 43 - Short Term Provisions
15
A 10 - PPE
16
A 11 -Investments - Non Current
17
A12 - Deferred Tax Asset
18
A 13 Long Term Loans & Advances
19
A 14 - Other Non Current Assets
20
A 20 - Current Investments
21
A 21 - Inventories
22
A 22 - Trade Receivables
23
A 23 - CCE
24
A 24 - ST Loans & Advances
25
A 25 - Other Current Assets
26
NTA 1 - Cont Liab & Comm
27
Incomes
28
Purchases & Expenses
Table of Contents
S Gautam & Associates LLP
EXCEPTION REPORT
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by and date:
CA Krunal Champaneria
S.No.
Schedule Reference
Schedule Derscription
Brief Description of the Exception(Team Lead)
Partners Comments for Closure
1
L-41
Trade payables
ITC of creditors outstanding more than 180 days not reversed
These are the exceptions from the checklist (not completed for whatsoever reasons) which may affect Numbers or those which affect the judgement to report in any Audit Report or Notes to Financial Statements.
OBJECTIVE EXCEPTIONS
S Gautam & Associates LLP
EXCEPTION REPORT
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
S.No.
Schedule Reference
Schedule Derscription
Brief Description of the Exception(Team Lead)
Partners Comments for Closure
1
L-41
Trade payables
Confirmation from top 10 creditors not received
A-22
Trade Receivables
Confirmation from top 10 debtors not received
A24
Short Term loans & Advances
Confirmation not received from employees
L- 32
Other long term liablities
non moving balances of 50 lakhs with no party confirmation
DOCUMENTARY EXCEPTIONS
These are the exceptions from the checklist (not completed for whatsoever reasons) which are related to maintenance of adequate supporting documents / evidences / confirmations as may be required by the checklist.
S Gautam & Associates LLP
EXCEPTION REPORT
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
S.No.
Schedule Reference
Schedule Derscription
Brief Description of the Exception(Team Lead)
Partners Comments for Closure
1
L-41
Trade payables
MSMEregistrationcertificateshoudbeobtainedforevery creditor for financial year
Ascompanyismaintainingtwosoftwaresforaccountingrecords,thereferencenumbersinbothsfotwaresforeachentryshouldmatch.Itwillbeeasier for vouching .
ADVISORY EXCEPTIONS
These are the exceptions from the checklist (not completed for whatsoever reasons) which may not impact numbers / financial statements or reportng BUT need to be escalated to the Management considering potential risks involved.
S Gautam & Associates LLP
AUDIT PROCEDURES INDEX
Particulars
Schedule Reference Number
Appicability (Y/N)
Page Number
Remarks if any
Share capital
L 10
Y
Reserves and surplus
L 11
Y
Money received against share warrants
L 12
N
Share application money pending allotment
L 2
N
Long-term borrowings
L 30
Y
Deferred tax liabilities (Net)
L 31
Y
Other Long term liabilities
L 32
Y
Long-term provisions
L 33
N
Short-term borrowings
L 40
Y
Trade payables
L 41
Y
Other current liabilities
L 42
Y
Short-term provisions
L 43
Y
Fixed assets
A 10
Y
Non-current investments
A 11
Y
Deferred tax assets (net)
A 12
Y
Long-term loans and advances
A 13
N
Other non-current assets
A 14
Y
Current investments
A 20
N
Inventories
A 21
Y
Trade receivables
A 22
Y
Cash and cash equivalents
A 23
Y
Short-term loans and advances
A 24
Y
Other current assets
A 25
Y
Incomes
I1
Y
Expenses
E1
Y
Contingencies and Commitments
NTA 1
Y
S Gautam & Associates LLP
VOUCHING AND PRELIMINARY AUDIT ACTIVITIES
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by and date:
CA Krunal Champaneria
The matters specified in this checklist below are meant to assist the audit teams in the following areas:
- understanding the reporting requirements for the client;
- designing specific audit procedures not covered in the standard audit program;
- to assist the audit partner in determining the degree of substantive audit procedures to be done on the client;
- to assist the audit partner in budgeting the time involvement and resources of the audit teams during the audit;
Particulars
Format to be used
Closing File WP Ref
Status
Remarks
1
Whether TA3 checklist and procedures completed ?
TA3
Done
2
WhetherClosingFilehasbeenreceivedaspertheclosing file checklist ?
Closing File
Done
3
WhetherTestofControls/IFCcompleted?(ifdone,enclosereportinIFCformat,Note-PleasecheckIFCapplicabilityinaccordancewithsection143(3)oftheCompanies Act, 2013)
Yes
4
Whether transaction audit (vouching) completed ?
TARF
Yes
Monhtly Vouching has be done
5
Ifyes,whatwasthesamplesize?(specifysamplesizein remarks and annexe vouching summary)
TARF
Yes
For sampling 70% value and 30% quantity checking is considered.
6
Whetherallqueriesresolved?(ifnot,ensurethataformalcommunicationisissuedtoManagement,enclose pending queries)
TAQF
Yes
7
OpeningBalanceVerification(Openingbalanceforthecurrentyeartobetracedtotothepreviousyear'saudited trial balance)
Yes
Opening balances are checked with previous year balances. Excel working is prepared.
8
GroupingsinTallyasperPreviousYearClosingStructure
Yes
9
Whetherstandardchartofaccountsandcoding/numberingofgroupshasbeenimplemented?(Refer "Model Tally Company" on the server)
On Server
Yes
10
Whether CARO applicable ?
Yes
CARO is applicable as gross receipts or revenue exceeds Rs 10 Cr. in financial year.
11
WhetherGSTauditundersection35oftheCGSTActapplicable ?
Yes
As aggreagate turnover for FY 2024-25 is greater than limit (Limit for GSTR 9 and 9C is Rs.5 Cr)
12
WhetherTaxauditunderSection44ABoftheIncomeTax Act, 1961 applicable ?
Yes
Tax audit is applicable as turover exceeds Rs. 10 Cr.
13
WhetherTransferPricingReportingunderSection92Eof the Income Tax Act, 1961 applicable ?
No
Company does not have any Associated Enterprise outside India. Hence transfer pricing is not applicable.
14
WhetherSmallCompanyasdefinedundersection2(85)of the Companies Act 2013 ?
No
Paid up share capital of company is Rs. 5 Cr hence it is not a small company
15
WhetherVATAuditundersection61oftheMaharashtra VAT Act applicable ?
No
16
WhetherConsolidatedFinancialStatementsarerequired to be prepared ?
No
Company does not have any subsidiary company.
17
Whether CSR applicable ?
No
CSR not applicable as per new ammendment
18
IncomeTax-Whetheranychangeinaccountingmethod during the year (Accrual / Cash)
No
19
WhetherSGAisrelyingonthirdpartyindependentauditreport?(Stockaudit,Internalaudit,Branchaudit, Cost audit, Subsidiary audit etc.)
No
Note:
It is recommended that audit teams review the matters set out above during the planning stages of the audit and revisit these before the final closure and sign off.
S Gautam & Associates LLP
L 10
PRIMARY SUBSTANTIVE AUDIT PROCEDURES
SHARE CAPITAL
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
L10
SHARE CAPITAL
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
1
a
VerifytheMasterDataoftheCompanyontheMCAportalandfileacopy in the closing file.
Done
Master Data has been verified on MCA portal
b
ObtaincertifiedcopyfromtheCompanySecretarywiththefollowing particulars and verify with respect to the books:
i) authorisedandissuedcapitalshowingtheShareholdingPatternin detail (Equity and Preference)
Done
Shareholding Pattern on company letter headsigned by CS received
ii) Movementofsharesissued/transferred/boughtback/redeemedduring the year.
NA
iii) ListofDirectorsasatBalanceSheetdate(includingDINandappointment and cessation date of directorship)
Done
CS certificate attached in closing file
c
Obtainandverifydeclarationsfromdirectorsfor164(2)and184(refer CARO and reporting under 143(3) in the Audit Report)
Done
Declarations obtained from directors
d
Obtain and verify file return of allotment for shares issued
NA
e
Incaseofpreferenceshares,verifythetermsofconversionandcoupon rate for disclosure in the financial statements.
NA
f
Enquirewhetherphysicalsharecertificatesareheldbyshareholders.(Pleasenote-ForunlistedpublicCompanies,shareto be held in DEMAT form)
Done
Physical share certifcates received of all shareholders. Shares not in demat form.
g
ObtainandverifyallfiledBoardResolutions,MinutesofMeetingsandtherelevantsecreterialformsfiledwiththeROCduringthefinancial year.
Pending
h
VerifywhetherfulltimepracticingCSisappointedincasepaidupshare capital exceeds 5 crores.
NA
Paid up share capital is Rs. 5 crores . Hence no requirement for appointment of CS
i
Incaseoffreshissueofshares,obtainandfilevaluationreportfrom registered valuer under the Companies Act Rules.
NA
2
a
Incaseoffreshissueofshares,ensurecompliancetothevaluationrules - 11UA.
NA
No fresh shares were issued during the year.
b
IncasesharesareissuedatapriceaboveFMV,verifytaxabilityofsuch excess amount as other income.
NA
No fresh shares were issued during the year.
c
Verifycompliancewithsection79oftheIncomeTaxActforcarryforward of losses with respect to changes in shareholding pattern.
NA
No fresh shares were issued during the year.
3
No primary substantive audit procedures required.
NA
GENERAL AUDIT PROCEDURES:
PROCEDURES RELATED TO INCOME TAX ASPECTS:
PROCEDURES RELATED TO GST ASPECTS:
S Gautam & Associates LLP
L 11
PRIMARY SUBSTANTIVE AUDIT PROCEDURES
RESERVES AND SURPLUS
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
L11
RESERVES AND SURPLUS
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
1
a
VerifyanydirectmovementinreserveswithoutgivinganyeffecttotheP&Landensurethesameisinlinewithacceptedaccountingpractices.
Done
No such movement found in reserves and surplus.
b
UtilizationandcreationofreservestobetakenuponcasetocasebasisinconnectionwithcompliancesneededundertheCompaniesAct.(Capitalredemptionreserves,Securitiespremiumreservesetc.)
NA
No such movement found in reserves and surplus.
2
WhetheranycreditstoreservesotherthanProfits?Ifyes,taxabilityof the same to be verified based on documents available.
NA
No such movement found in reserves and surplus.
3
No primary substantive audit procedures required.
NA
GENERAL AUDIT PROCEDURES:
PROCEDURES RELATED TO INCOME TAX ASPECTS:
PROCEDURES RELATED TO GST ASPECTS:
S Gautam & Associates LLP
L 2
PRIMARY SUBSTANTIVE AUDIT PROCEDURES
SHARE APPLICATION MONEY
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
L2
SHARE APPLICATION MONEY PENDING ALLOTMENT
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
1
a
ObtainandreviewallrelevantdocumentsfromtheCompanySecretary.
NA
b
AgeofShareApplicationMoneytobeanalysedandshouldbeallowableasperprovisionsofCompaniesAct,2013.Incaseoutstanding for more than 60 days, will be treated as deposit and to be dealt with as per Acceptance of Deposit Rules.
NA
c
VerfiythatShareApplicationMoneyhascomeinasbanktransaction only, not as book entry
NA
2
Confirmations and related documents to be verified
NA
3
No primary substantive audit procedures required.
NA
GENERAL AUDIT PROCEDURES:
PROCEDURES RELATED TO INCOME TAX ASPECTS:
PROCEDURES RELATED TO GST ASPECTS:
S Gautam & Associates LLP
L 30
PRIMARY SUBSTANTIVE AUDIT PROCEDURES
LONG TERM BORROWINGS
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
L30
LONG TERM BORROWINGS
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
1
(A)
SECURED LONG TERM BORROWINGS
a
Traceclosingbalancesasatyearendtotheconfirmations/statementsfromthebank,incaseofanydiscrepancies,documentreasons for the same and discuss with the senior / partner.
Done
Closing balances as per books are matching with statements
b
Verifyclassificationbetweencurrentandnon-currentportion,andensurethataccountingentriesarerecordedinthebooksforthesame.
Annx
Done
Current maturity Working done and entries made in books of accounts as per repayment schedule.
c
Incaseofforeigncurrencyloans,ensurethatrestatementhasbeendoneaccuratelybasedonyearendexchangeratesandaccounted for correctly. (AS 11)
NA
d
Verifywhetherthereareanyoverdueunpaidinstalmentsasatyearend,ifyes,verifywhetheroverdueinteresthasbeenaccounted for in the books upto the year end.
NA
e
VerifywhethertheCompanyhasdefaulted(delayed/nonpaymentevenforsingleinstallment)inrepaymentofloansorborrowingstoanybankorfinancialinstitutionortoanydebentureholdersduringtheyear.Ifyes,documenttheamountsandtheperiodsforwhichdefaulthasbeenmadeanddiscussthesamewiththe Partner. (CARO)
NA
f
Whereverapplicable,verifywhethercharges(includingvehicleloan)havebeencreated/satisfiedinrespectofborrowingstaken/enhanced/closedontheMCAportal,documentanyexceptions,and discussed with senior.
Done
Charges have been created on secured loans including vehicle loan.
g
VerifytheMaturityProfileofLongTermDebtsforaccuratedisclosureinthefinancialstatements.(Ensureonlyprincipalcomponent is considered for disclosure.)
Done
Current maturity Working done.
h
Fromthelatestsanctionletter,verifythedetailsofsecuritiesanddocument the same in the closing file.
Done
Sanction letters received for all secured loans SIDBI , SBI Term Loans , HDFC vehicle Loan
i
Reviewsanctionletterforanyfinancialcovenantsandspecificcondition imposed and document compliance thereof.
TAR
NA
j
Incaseofdebentures/bonds,ensureandverifythattermsofconversion,security,couponratesareadequatelydisclosedwithrespect the debenture issue agreement.
NA
k
Inquirewhetheranyloanshavebeenclosed/toppedupduringtheyear,obtainandverifytherelevantdocumentssupportingthesame.
NA
(B)
UNSECURED LONG TERM BORROWINGS
a
Incaseofborrowingsfromrelatedparties,ensureseparatechecklistisfilledforverifyingcompliancewithacceptanceofdeposits rules to be reported under CARO.
Checklist
Pending
Bhavya financial services,Rahul ranka (UL) confirmation received
b
VerifywhethertheunsecuredloansacceptedfromDirectorsisoutofpersonalborrowingsofsuchDirector,ifyes,discusswiththesenior,Partnerandco-ordinatewiththeCompanySecretaryforincluding appropriately in the Directors' Declarations.
Done
c
EnsurethatdeclarationsasatyearendareobtainedfromDirectorsfortheoutstandingbalanceofunsecuredloansgrantedtothecompanyandthedetaisareverifiedwithrespecttothebooksofaccountsandotherrelevantdocumentssuchasPAN/Aadhar, etc.
Done
Declaration received from director
2
(A)
SECURED LONG TERM BORROWINGS
a
IncaseofInterestPaymentstoNBFCs,verifyTDSProvisionsandcompliances thereof
NA
(B)
UNSECURED LONG TERM BORROWINGS
a
WhetheranyloansacceptedorrepaidOtherthanbywayofAccount Payee Cheque?
Done
All loans are received by account payee cheque ( Electronically )
b
CreditworthinessoftheLendershouldbeverifiedfromIncomeTaxAssessmentview(Confirmationstobetaken,loanagreementmust,PANrequired,ITreturnsandrelevantbankextractstobeobtained from Lender to the extent possible.)
Done
c
Subsequent Clearances to be verified.
Done
Subsequent payment done except Rahul ranka and Bhavya financial services
3
(A)
SECURED LONG TERM BORROWINGS
a
Ininstanceswherebankcharges/processingchargesarelevied,ensure that the corresponding ITC is availed and claimed
Done
(B)
UNSECURED LONG TERM BORROWINGS
a
No primary substantive audit procedures required.
NA
GENERAL AUDIT PROCEDURES:
PROCEDURES RELATED TO INCOME TAX ASPECTS:
PROCEDURES RELATED TO GST ASPECTS:
S GAUTAM & ASSOCIATES LLP
L 31
PRIMARY SUBSTANTIVE AUDIT PROCEDURES
DEFERRED TAX LIABILITY (NET)
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
L31
DEFERRED TAX LIABILITY (NET)
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
1
a
Verifyandcross-referencethatitemscoveredunderComputationofincomeandSection43BclausehavebeenconsideredforDeferredTax computations and document the same in the closing file.
Done
Provision for Bonus is disallowed
b
Verifythataccountingentriesinthebooksarecorrectandtraceableto the deferred tax workings.
Done
Working prepared and entries match with working.
c
Incasethereisanetdeferredtaxassetarising,discussthesamewith the Partner.
NA
d
Verifythatthetaxrateassumedfordeferredtaxcalculationsareconsistent with the tax rate assumed for income tax calculations.
Done
Company has adopted for Section 115BAB hence income tax rate is 17.16% including surcharge and cess.
FOR DEFERRED TAX ASSETS:
NA
a
Verify Tax effect of items constituting deferred tax Assets :
NA
(i)
ProvisionforCompensatedabsences,Gratuity40A(7)andotheremployee benefits
NA
(ii)
Provision for Doubtful Debts / Advances
NA
(iii)
Disallowances US 40(a)(i), 43B of the Income Tax Act, 1961
NA
(iv)
On difference between book balance and tax balance of fixed assets
NA
(v)
Unabsorbed depreciation Carried Forward
NA
(vi)
Brought forward business losses
NA
b
EnsurethatalltheconditionhasbeensatisfiedasperAS22,specificallyconfirmwhetherthesedeferredtaxassetshavethepotential to be adjusted / reversed against future tax liabilities
NA
2
a
No primary substantive audit procedures required.
3
a
No primary substantive audit procedures required.
GENERAL AUDIT PROCEDURES:
PROCEDURES RELATED TO INCOME TAX ASPECTS:
PROCEDURES RELATED TO GST ASPECTS:
S GAUTAM & ASSOCIATES LLP
L 32
PRIMARY SUBSTANTIVE AUDIT PROCEDURES
OTHER LONG TERM LIABILITIES
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
L32
OTHER LONG TERM LIABILITIES
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
1
(A)
LONG TERM TRADE PAYABLES
a
Perform procedures listed in L 41 (Trade Payables)
Done
Confirmation not received.Subsequently no payments are made to supliers
b
Verifythattheclassificationaslongtermispurelyasaresultofthe agreed credit periods / contractual terms with the supplier.
Done
Creditors for only capital goods are considered in Long term payables'
(B)
OTHER LONG TERM LIABILITIES
a
Obtaindetailedlistofotherlongtermliabilitiesandtracetheamounts to the trial balance.
NA
b
Obtainandverifyrelevantsupportingdocumentssuchasrelevantcontracts/agreements/otherdocumentsandtracetheamountsfrom the trial balance to the supportings.
NA
c
Verifythatthereisadequatedocumentationtoclassifytheamounts as Long Term.
NA
2
a
Perform procedures listed in L 41 (Trade Payables)
NA
3
a
Perform procedures listed in L 41 (Trade Payables)
NA
GENERAL AUDIT PROCEDURES:
PROCEDURES RELATED TO INCOME TAX ASPECTS:
PROCEDURES RELATED TO GST ASPECTS:
S GAUTAM & ASSOCIATES LLP
L 33
PRIMARY SUBSTANTIVE AUDIT PROCEDURES
LONG TERM EMPLOYEE BENEFIT PROVISIONS
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
L33
LONG TERM EMPLOYEE BENEFITS PROVISION
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
1
a
Obtainacopyofthevaluationreportoftheactuaryandperformthefollowing: - verify assumptions made by the actuary for reasonableness,-verifyinabsoluteterms,categorywiseandperemployeedatawithprevious years,-noteanysignificantchangesinactuarialassumptionsanddiscusswith the audit team if required.
NA
b
IncaseactuarialvaluationnotdoneobtainacopyofDetails/EmployeewiseworkingsofGratuity/LeaveEncashmentascertifiedbythemanagement.Checktheworkingswithrespecttotherequirements of the Income Tax Act.
Done
Emloyee wise working of gratuity received.
c
ObtainandverifythebasedataprovidedbytheCompanytotheActuary.
NA
d
Incaseofgratuity,verifywhetherminimumamountsstipulatedasperpaymentofgratuityacthavebeenprovidedfor,incaseofanydiscrepancies,discusswiththesenior/Partner,andincludeinthereport to the management.
NA
2
a
ImpactofDisallowancesunder40AoftheIncomeTaxAct,tobeverified and given effects to in Tax Computation
Done
Disallowance of for current year provision given in computatuion.
b
IfGratuitypayments/provisionsmadeunderGratuityTrustformed,compliancesandregistrationsofGratuityTrustunderIncomeTaxAct to be verified
NA
3
a
No primary substantive audit procedures required.
NA
GENERAL AUDIT PROCEDURES:
PROCEDURES RELATED TO INCOME TAX ASPECTS:
PROCEDURES RELATED TO GST ASPECTS:
(Gratuity, Pension, Other retirement benefits, Post Employment Life Insurance and Medical Care, Leave Encashment, etc.)
S GAUTAM & ASSOCIATES LLP
L 40
PRIMARY SUBSTANTIVE AUDIT PROCEDURES
SHORT TERM BORROWINGS
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
L40
SHORT TERM BORROWINGS
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
1
a
Agreethebankbalancesperthereconciliationstothebankstatements and bank confirmations.
Done
Transactions are through CC account. Balance of CC account is mathcing with confirmation
b
ObtainandverifyDrawingPowerstatementsubmittedtoBankasofthe year end.
Done
Statement as on 31st March 2025 received
c
VerifywhethertheBalancesareinlinewiththesanctionlimitsandwithDrawingPowerasperthesanctionterms,incaseofexcesswithdrawals to be escalated to Partners / Management.
Done
Balance is within the sanction limits.
d
Ensurethatchequesoutstandingformorethan3monthsarereversed.
Done
No such transaction found.
e
VerifythelistofOpenchequesandthedateofclearanceofthesame subsequently for all the Cheques open as on the year end.
NA
f
Incaseofborrowingsdesignatedinforeigncurrency,verifythatrestatement has been done accurately.
NA
There are no short term borrowing in foreign currency.
g
IncaseinterestforthemonthofMarchoncashcredit/OD/temporaryoverdrafts/othershorttermborrowingsispaidinthesubsequentfinancialyear,ensurethatadequateinterestprovisionhas been accounted for the year end.
Done
Interest paid on 31st March 2025
h
Inquirewhetheranyloanshavebeenclosed/toppedupduringtheyear, obtain and verify the relevant documents supporting the same.
NA
no such short term borrowings
i
VerifywhethertheCompanyhasdefaulted(delayed/nonpaymentevenforsingleinstallment)inrepayment/renewalofloansorborrowingsortemporaryoverdraftstoanybankorfinancialinstitutionortoanydebentureholdersduringtheyear.Ifyes,documenttheamountsandtheperiodsforwhichdefaulthasbeenmade and discuss the same with the Partner. (CARO)
NA
No such default found.
2
a
No primary substantive audit procedures required.
3
a
Ininstanceswherebankcharges/processingchargesarelevied,ensure that the corresponding ITC is availed and claimed
GENERAL AUDIT PROCEDURES:
PROCEDURES RELATED TO INCOME TAX ASPECTS:
PROCEDURES RELATED TO GST ASPECTS:
S GAUTAM & ASSOCIATES LLP
L 41
PRIMARY SUBSTANTIVE AUDIT PROCEDURES
TRADE PAYABLES
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
L41
TRADE PAYABLES
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
1
a
Incasetallyisnottheaccountingsoftware,obtainthelistingofcreditors and trace the totals to the trial balance.
NA
Tally is used
b
CreditorsExistence/Valuationtobeverifiedinthefollowingsequence:
(i)
ForSupplierBalancesatleastequalto50%invalue,obtainandreviewBalanceConfirmationsreceived.Incaseofanydifferences,ensurethatdifferencesarereconciledandeffectsaregiveninbooksofaccounts.(Listofsupplierstobepreparedbasedonbestjudgement)
Format
Done
no confiramtion from parties have been received
(ii)
Incaseconfirmationarenotreceivedfromtheparties,Performthefollowingalternateproceduresonlyforthepartieswhereconfirmations not available(i) Verify subsequent payments made, if available,(ii)Incasesubsequentpaymentsnotmade,thenobtainandverifythe outstanding bills.
Format
Done
Subsequent payments for 50% in value checked and working prepared in excel
c
Compile the creditors analysis sheet and perform the following :
Format
d
- Obtain Reasons / Clarifications for creditors over six Months:
Done
3 Creditors are found with balance pending for more than 6 months amounting to Rs 2.5lakhs
-Enquirewhetherthereareanyongoinglitigationswithanyofthecreditors
NA
e
PerformascrutinytoverifywhetherthereareanyadjustmententriestothecreditorbalancespassedthroughJVandobtainreasons for the same and document.
Done
Parties identified in which JV is passed for SIDBI loan and TDS entries.
f
Obtainandverifytherestatementofforeigncurrencydenominated creditors as at year end as per AS 11.
Done
Working received for foreign curency
g
ObtainandverifyconfirmationsfromMSMEcreditorsfordisclosurein the FS,
Done
Bifurcation of MSME creditors into micro,small and medium received from mgt.
h
ComputetheinterestpayableundertheMSMEDactondelayedpaymentstoMSMEcreditors.Ensuresameisprovidedfor,ifnotcheck whether the same to be disclosed as contingent liabilities.
Done
Intrest is considered as negligible by management and same has been disclosed in financial statements
i
IncasetheCompanyisnotprovidingforMSMEinterest,obtainmanagementrepresentationsstatingthatMSMEcreditorswillwaive/notdemandinterestonoverduepayments,whereverapplicable,andaccordingly,thereisnoliabilitycreatedinthebooks.
Pending
j
SignedWrite-backProposalincaseofnonpayablesandensureaccountingisinlinewithsame.(discussGSTandIncomeTaximpact with partners)
NA
Any non payables not found. Hence no write back proposals.
2
a
BalanceConfirmationsofPartiesmorethan365dayswithledgerstobeobtainedandreasonsforoutstandingsneedtobeverifiedParty wise
Pending
Not yet received from mgt.
b
Partiestowhomallpaymentsagainstbillsaremadeafter4monthstobeidentifiedandspecialauditofsuchtransactionsneeds to be performed
NA
c
SpecificObservations/CommentsonPurchaseProcedureaffectingthe judgement on material consumption
NA
d
WhetheranyassociateconcernsorrelatedpartiesinCreditors?Ifyes, whether at Arms Length?
Pending
e
Documentationandevidencesofsuchtransactionstobeverifiedseparately
Pending
3
a
Carryoutanage-analysisofOutstandingcreditorstoidentifyinvoiceswhichareunpaidformorethan180days.AllcorrespondingITCneedstobereversedinthebooksunderaseparateledger-"ITCReversalowingtoUnpaidCreditors"alongwith interest @18% pa (Rule 37 of the CGST Rules)
Done
GST not reversed
b
AnyrestatementofITCwhichwereearlierreversedaspertheabovestep,mustbeconfirmedbytracingtothepaymentsofthecorresponding invoices.
NA
No such ITC reversed.
GENERAL AUDIT PROCEDURES:
PROCEDURES RELATED TO INCOME TAX ASPECTS:
PROCEDURES RELATED TO GST ASPECTS:
S GAUTAM & ASSOCIATES LLP
L 42
PRIMARY SUBSTANTIVE AUDIT PROCEDURES
OTHER CURRENT LIABILITIES
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
L42
OTHER CURRENT LIABILITIES
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
1
A
FOR INTEREST
CompiletheinterestworkingaspertheClosingFileChecklistandverifythesameforcorrectness,anydiscrepanciestoberesolvedwith the client and informed to the senior.
NA
B
FOR ADVANCES FROM CUSTOMERS:
(i)
Compile the AFC sheet as per the closing file checklist,
Done
Only entry made in books on March 25 which is reversed in Apr 25
(ii)
Verifysupportingdocumentsbasedonwhichadvanceshavebeencollected(i.e.Workorder/PurchaseorderreceivedfromCustomers);ifcollectionofadvancesarenotagreedformally,ensureCompliancetoCompanies(AcceptanceofDeposits)Rules,2014.
Done
No Supportings provided.
(iii)
VerifyBalanceConfirmationsreceivedformCustomersandensurethatdiscrepancies,ifanyarereconciledandnecessaryentriespassed in the books.
NA
(iv)
VerifysubsequentmovementoftheAdvancesinthenextyear,ifnomovement,thenenquirewiththefinanceheadandensurethisis discussed with the senior and Partner.
NA
(v)
Verifythatdebtorsbalancesarestatednetofanyadvancesreceived.
Done
(vi)
ObtainandverifytherestatementofforeigncurrencydenominatedAFC as at year end as per AS 11.
NA
C
CURRENT MATURITIES OF LONG TERM DEBT
a
Verifyamountstobeclassifiedherewithrespecttotherepaymentschedule.
Done
Repyament schedule received and current maturity working done accordingly.
b
Verifythatoverdue/unpaidinstalmentsarealsoaccuratelyclassified as current maturities wherever required.
NA
c
CheckwhetherreportingunderCAROfordelayinrepaymentofloans is required.
NA
D
STATUTORY LIABILITIES
ReferTAR/ClosingFileChecklistforcompilationofworkingsand perform the following:
TAR
a
verifythatamountsaccruedaretracedtothebooksofaccountswith returns filed.
Done
b
verifythatamountspaidaretracedtothebooksofaccountswithchallans paid.
Done
Challans matched with books of accounts and intrest has been bifurcated accordingly
c
recomputetheprovisionsaspertherelevantstatutesandnotedown/discuss any discrepancies
NA
d
Collectandfilecopiesofassessmentordersanddiscuss/highlightto the senior and Partner immediately
NA
e
Document,foreachrelevantstatutesuchasVAT/GST/others,adetailedlistofongoingassessments,yearwise,currentstatus,outstanding demand / exposure, whether disputed or not
NA
f
EnsurereportingunderCAROClauseviiinrespectofundisputedstatutorypaymentsismadeandisonthebasisonTARAnnexures.(to be quantified)
NA
There were no undisputed statutory dues
g
Alsodocumentwhyanyprovisioninthebooksrequired/notnecessary in case of disupted dues.
NA
h
IdentifydisputedliabilitiesonthebasisofongoingassessmentsorlitigationsandreportcontingentliabilitiesanddisclosureinrespectofdisutedliabilitiesinclauseviiofCARO.Copiesofreleventassessment records to be maintained in working paper.
NA
i
Obtainandfileallrelevantassessmentorderstosupporttheauditteam's conclusion on the above matters.
NA
j
Allstatutorypaymentsmadeduringtheyeartobeverifiedwithbank statements.
NA
Verified on test basis
f
Forallothercurrentliabilities,tracetheamountsinthetrialbalance to supporting documents / workings available.
Done
Supporting working and documents received.
GENERAL AUDIT PROCEDURES:
L42
OTHER CURRENT LIABILITIES
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
GENERAL AUDIT PROCEDURES:
2
A
STATUTORY LIABILITIES
a
ValuationStockandTreatmentofexpensesandincomeunder145AoftheIncomeTaxAct.Analysisandimpactofthesame.(EffectofTaxes) (Check applicability)
Done
Stock valuation statement as on March 25 received from Mgt.
b
Working u/s 43B of the I.T. Act to be done
TAR
Done
c
Working PF and ESIC deductions and payments in prescribed format
TAR
Done
Payments are made as per prescribed manner. Challans verified
d
VerifyTDSandTCSworkingandcompliancesasperTDSandTCSreconciliation for TAR (Refer Clause No. 34)
TAR
Done
TDS Reconciliation to be made
e
Subsequent payments of taxes to be verified with evidences
Done
Challans and returns received
3
A
FOR OTHER CURRENT LIABILITIES
a
IncaseofAdvancesagainstSupplyofServices,ensurethatGSTatapplicableratesarecomputedandpaidasperthePointofTaxation-Dateofreceiptofadvances.GSTpaidonadvancesmustberecordedseparatelyintheledger-"GSTPaidonAdvancereceived from Suppliers"
NA
b
Insubsequentmonthswhenactualinvoiceisissued,pleasecheckiftheoutwardliabilityonsuchinvoicesisreducedbytheGSTalreadypaid on the advances received?
NA
B
STATUTORY LIABILITIES
a
RefertotheMismatchreportsasavailableontheGSTportalundertheReturnsDashboardsectionfortheFinancialYearandreconcilethe following
-OutputLiabilityasperGSTR1(SalesReturns)withtheOutputLiability as per GSTR3B
Done
-InputTaxCreditasperGSTR2A(InwardsSupplyReturns)withtheITC as per GSTR3B
Done
b
OnthebasisoftheReconciliationStatement,confirmifcorrectionsneedtobemadeinthesubsequentGSTreturns/anycorrectionstobe done in the books of accounts
Done
Differences in opening Liability and electronic credit ledger. Working prepared
c
Intimatetheclientonthecorrectionstobemadeinsubsequentperiodreturnsintheformatprescribed"GSTcorrectionsupdatedinsubsequent period returns"
GST F1
Done
d
PassappropriateclosingentriesinthebooksofacccountssothatthebalancesreconciletotheElectronicCreditLedgers/ElectronicCash Ledgers
Done
Balance to be Matched with GST Portal. Working Prepared
e
CarryouttheOutputandInputtaxaccountsreconciliationstoconfirmcorrectnessandcompletenessintheformat-"InputandOutput GST Tax Reco"
GST F2
Done
Working prepared for the same.
PROCEDURES RELATED TO INCOME TAX ASPECTS:
PROCEDURES RELATED TO GST ASPECTS:
S GAUTAM & ASSOCIATES LLP
L 43
PRIMARY SUBSTANTIVE AUDIT PROCEDURES - SHORT TERM PROVISIONS
SHORT TERM PROVISIONS
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
L43
SHORT TERM PROVISIONS
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
1
Obtaindocumentsaspertheclosingfilechecklistandperformthefollowing:
A
PROVISION FOR EMPLOYEE BENEFITS
a
Ensure provision reconciled with payroll records;
Done
Provisions have been reconcilied with salary sheets received on test basis emplyeee wise.
b
VerifywhetherthereareanyreconciliationsrequiredbetweenYEbalanceandMarchprovisionandifapplicableensurethatlistofunpaid salaries and wages has been checked and analysed
Done
c
Verify subsequent payments made against YE provisions
Done
Subsequent payments have been made
Bonus
a
Bonusprovidedinthebooksofaccount,compliedwithBonusact.(minimumbonusis8.33%ofBasic+DAofSalaries&Wagesandabove)
Done
Bonus is given on 8.33% of Basic salary only.Dearness allowance is not considered for calculations of bonus.
b
EnsureopeningbalanceofBonusverifywithform"D"(Onlinesubmission of Bonus return)
TAR
Pending
Form D not received.
c
Enquirefornon-paymentofanyprovisionswiththemanagementand document
NA
B
PROVISION FOR OTHERS (EXPENSES)
a
Tracetheamountsinthetrialbalancetosupportingdocuments/workings available.
Done
party wise bifurcation has been received but bills yet to be received
b
Verify subsequent payments made against YE provisions
Done
Subsequent payments have not been made in some cases as bills are yet to be received from suppliers
c
Verifythatthepreviousyearprovisions(openingbalances)areeither paid off or reversed,
Done
Salaries are paid in April and other provisions are reversed.
d
Obtainandverifycopiesofdocumentsintheclosingfileforyearend provisions recorded in the books.
Done
e
Incasesupportingdocumentsarenotavailableforanyprovisionbalance,obtainthebasisandworkingsforthesameanddocumentintheworkpapers.DiscusswiththeseniorandthePartnerwhetheranymanagementrepresentationisrequiredtobeobtained for such amounts.
NA
f
Verifypayments/clearancesofprovisionsinthesubsequentfinancialyeartoensureaccuracyandcompletenessofMarchending provisions.
Done
g
Enquirewiththeaccounts/financeheadwhetherthereareanypendingGRNs/GINstobeprovidedinbooksofaccounts(i.e.GoodinwardintheFactory/Premisesbutbillpendingforbookinginthebooksofaccounts)andtakeappropriateactionsafterdiscussing internally with the SGA team
2
A
PROVISION FOR EMPLOYEE BENEFITS
a
Whethersalariespaidtorelatedparties?ifyes,whetheratArm'sLength in light of Income Tax Act
NA
No such payments during the year
b
Subsequentclearancesofthebalanceswithevidencestobeverified
Done
Subsequent payments have been made
c
Paymentstobeverifiedinlightofprovisionsof43BoftheIncomeAct.
Done
B
PROVISION FOR INCOME TAX
a
VerifythatthePBTaspertheComputationofincomeistracedtothe final tally closed.
Done
b
Verify that items in the Computation of income are consistent with the deferred tax workings.
Done
c
Allallowances/disallowancesinComputationofincometobereconciled with TAR annexures of the Current Year
TAR Annex
Done
d
Verifywhetherthereareanybroughtforwardincometaxlosses/unabsorbed depreciation / MAT from the previous year's ITR filed
NA
e
WhetherprovisionfortaxationintheBalanceSheethasbeenmadeonthebasisofcomputationofincomegenerated(includinginterest).
Done
f
IncaseofMAT,verifyeachitemconsideredintheMATcomputation for accuracy and correctness
NA
g
VerifyMATcredittakentoBSandcorrectnessofthebookentriesrelated to MAT (as per the Guidance Note)
NA
h
Verifywhetheranyunreconcileditemsin26ASandensurethatappropriateactionsaretakenbytheaccountsheadanddocumented in the closing file to avoid tax credit mismatch.
Done
Working prepared and discussed with accountant
i
Obtainthecompletedassessmentordersfromtheclient/DTteamandensurethatthenecessaryaccountingentriesarepassedinthebookofaccountsandeffectsgiventoshort/excessprovisions where applicable.
NA
j
Verifywhether+veand-veadjustmentsrequiredu/s115JA/JBofthe Income Tax Act have been done
NA
k
VerifyDemandsoutstandingintheITDepartmentSystem(E-filingPortal/Traces)Provisionofliabilitiestobemadeifcrystalizedand undisputed.
NA
l
Whetherthecompanyeligibletoclaimspecifictaxdeductions/exemptionsunderprovisionofincometaxactsuchasSection10,11,12,35,80-IA/IB/JJAetc.,ifyesseparateworkingforthesame to be enclosed.
NA
3
No primary substantive audit procedures required.
GENERAL AUDIT PROCEDURES:
PROCEDURES RELATED TO INCOME TAX ASPECTS:
PROCEDURES RELATED TO GST ASPECTS:
S GAUTAM & ASSOCIATES LLP
A 10
PRIMARY SUBSTANTIVE AUDIT PROCEDURES - PROPERTY, PLANT & EQUIPMENT
PROPERTY, PLANT & EQUIPMENT
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
A10
PROPERTY, PLANT & EQUIPMENT
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
1
EnsurethatFixedassetsregisterreconciledwiththebooksofaccounts.(i.e.TangibleAssets,IntangibleAssets,Capitalworkinprogress etc.)
Dep Format
Done
FAR to be matched with tally
a
Obtainlistsofadditionsanddeductions,includingdescriptionofeachitem,andlifeofassetsasperScheduleIIofCompaniesact.(ifany deviation to be reported in notes to accounts)
Dep Format
Done
Invoices of Additions More than 1 Lakh Received. 2 invoices (Number asset puchase 16 and Asset expense 09) not received
b
Checkcapitalisation/adjustmentsfromcapitalwork-in-progressandadvancesforcapitalexpenditure.Obtaininstallation/Go-Livecertificate from commissioning party / management.
Done
c
Verify and ensure that the items are not of a revenue nature.
Done
d
VerifythatallincidentalcostnecessarytoputtheassetsintouseareincludedwiththeMainAssetcostandcapitalisedononesingledate.
Done
All incidental costs are capitalised
e
Verifythatinterestonborrowingswhichareusedtofinanceassetspurchasedonadeferredcreditbasisiscapitalizedonlyfortheperioduptothedatofputtouse.Ensurethatinterestcapitalizedin accordance with Accounting Standard on Borrowing Costs. (AS-16)
Done
SIDBI loan interest and processing has been capitalized in captial WIP as the loan is taken for plant and machinery.
f
Verifythattheadditionshavebeencorrectlyclassifiedtotheappropriate Assets Block.
Done
Correctly classified
g
Checkthecalculationsforchangeinforeignexchangeaddedordeducted,asthecasemaybe,tothecostoffixedassets.(Workingsto be attached in Closing File).
NA
h
CheckthatthesaleofitemsofexistingfixedassetswhichareremovedorreplacedhasbeenrecordedcorrectlytotherespectiveassetledgeranddepreiationfundalongwithLoss/Profitsrecorded correctly.
NA
i
Verifythatdepreciationhasbeenprovidedonthesamebasisasinthepreviousyear,anydeviationtobediscussedwiththeseniorandreported in the notes to the financial statements.
Done
FAR Checked
j
Inrespectofsubsidiesorgrantsreceivedandreceivable,ensurethat :
(i)
All grants to which the client is entitled have been claimed.
NA
(ii)
Vouch the grants with the relevant documentation.
NA
(iii)
Checktheadjustmentstocostoffixedassetsandaccumulateddepreciation.
NA
(iv)
Ensure compliance with Accounting Standard (AS12)
NA
k
VerifythetitleofallassetsincludingimmovablepropertyinthenameofCompany.Inrespectofimmovableassets,reportinginCARO to be made accordingly.
NA
2
a
TaxationofSubsidiesandGrantstobeanalysedasperprovisionsofIncomeTaxActandJudicialviews.WorkingPapersofthesametobe prepared
NA
b
Evidencesofassetsputintouseifaroundthecut-offdatesfordifferential depreciation (September / March)
Done
c
ValuationReportincaseofofselfconstructedassetsmayberequired on case to case basis
NA
d
Whetherimmovableassetspurchasedarehigherorlowervaluesascompared Stamp Duty valuation (Applicability of 50C of the I.T. Act)
NA
e
EnsurethatNOadditionaldepreciationclaimedonsecondhandMachineries.
Done
No additional depreciation claimed as not allowed
f
Ensurethatbalanceadditionaldepreciationpertainingtoassetsadditionofthepreviousyear(assetsusedlessthan180days)claimed in current year.
NA
g
Provision related to 32AC - check applicability and compliance
h
Incaseofdeletion,checkwhetheranyshorttermcapitalgainneeds to be recognised. (sales consideration Less block of assets)
3
a
ScrutinizeeachassetadditionandensurethatNOITCisavailedonthe following additions:
-Buildings,CivilStructuresoranyimmovableadditionotherthanPlant and Machinery
Done
-CheckCapitalworkinprogressaccountsaswellforanyoftheabove additions
Done
-Vehiclesusedformovementofpassesngers/personalcars/lessthan 13 seater vehicles
NA
b
Incaseofsaleofaold/usedvehicle,computeoutwardtaxliabilityinaccordancewiththeprovisionscontainedinNotificationno08/2018 dt. 25th Jan 2018
NA
c
IncaseofsaleofotherassetswhereITCisavailed,checkthecomputationoftaxesinaccordancetotheITCreversalrulescontained in Rule 43 of the CGST Rules
NA
GENERAL AUDIT PROCEDURES:
PROCEDURES RELATED TO INCOME TAX ASPECTS:
PROCEDURES RELATED TO GST ASPECTS:
S GAUTAM & ASSOCIATES LLP
A 11
PRIMARY SUBSTANTIVE AUDIT PROCEDURES - NON CURRENT INVESTMENTS
NON CURRENT INVESTMENTS
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
A11
NON CURRENT INVESTMENTS
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
1
a
VerifytheValuation/DateofPurchase/OtherSupportingDocuments /Ledger Extracts
Done
Purchase of Mutual Fund for collateral against term loan, also mutual funds are kept at cost model
b
Ensurethatthetypeofinvestmentandtheircorrespondingdocument has been checked
Done
Investment in mutual fund
c
Ensure that the copy of physical share certificate has been verified
NA
d
IncaseinvestmentsareheldinD-Mataccountscrossverifythesamewith the account statement.
NA
e
Ensurethatincometaxcomplianceshasbeencheckediftheinvestmenthasbeensoldout/transferduringtheyearinthebooksof accounts (i.e. Short Term / Long Term Capital Gain)
NA
f
Incaseofinvestmentinsubsidiaries/associates,obtainandfilerelevantfinancialstatements/managementaccountsonthebasisof which consolidation done.
NA
g
Review invesments for impairment, if any.
NA
h
Review compliance with AS 13 on any investments given as security
NA
i
Ensuethatsection186compliancechecked(Investmenst,Loansandadvances)
NA
2
a
Provisionsof14AoftheIncomeTaxActneedtobeverifiedforpotential disallowances.
NA
b
WhetherinvestmentsmadeinGroupConcerns/Subsidiaries?IfYes,documentationinrelationtothesameneedstobeverified.(i.e.share purchase / transfer agreement, terms of investments etc.)
NA
3
No primary substantive audit procedures required.
NA
GENERAL AUDIT PROCEDURES:
PROCEDURES RELATED TO INCOME TAX ASPECTS:
PROCEDURES RELATED TO GST ASPECTS:
S GAUTAM & ASSOCIATES LLP
A 12
PRIMARY SUBSTANTIVE AUDIT PROCEDURES - DEFERRED TAX
DEFERRED TAX ASSET (NET)
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
A12
DEFERRED TAX ASSET (NET)
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
1
a
Verify Tax effect of items constituting deferred tax Assets :
NA
(i)
ProvisionforCompensatedabsences,Gratuity40A(7)andotheremployee benefits
NA
(ii)
Provision for Doubtful Debts / Advances
NA
(iii)
Disallowances US 40(a)(i), 43B of the Income Tax Act, 1961
Done
(iv)
On difference between book balance and tax balance of fixed assets
NA
(v)
Unabsorbed depreciation Carried Forward
NA
(vi)
Brought forward business losses
NA
b
EnsurethatalltheconditionhasbeensatisfiedasperAS22,specificallyconfirmwhetherthesedeferredtaxassetshavethepotential to be adjusted / reversed against future tax liabilities
NA
2
No primary substantive audit procedures required.
NA
3
No primary substantive audit procedures required.
NA
GENERAL AUDIT PROCEDURES:
PROCEDURES RELATED TO INCOME TAX ASPECTS:
PROCEDURES RELATED TO GST ASPECTS:
S GAUTAM & ASSOCIATES LLP
A 13
PRIMARY SUBSTANTIVE AUDIT PROCEDURES - LONG TERM LOANS AND ADVANCES
LONG TERM LOANS AND ADVANCES
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
A13
LONG TERM LOANS AND ADVANCES
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
1
A
CAPITAL ADVANCES (Advances to Suppliers)
a
CheckAgewiseanalysisandanalyseoutstandingadvancesformore than six months old
NA
No long term loans and advances have been provided by the company
b
Ensurerelevantdocumentscheckedbasedonwhichadvancespaidtothesuppliers(i.e.Workorder/PurchaseordergiventoSuppliers)
NA
c
EnsureBalanceConfirmationreceivedformtheSuppliershavebeen checked and reconciled
NA
d
SubsequentcheckinginthemovementoftheAdvancesinthenextyear
NA
e
Verifyandensurecompliancewithsection189,185and186ofCosAct and also adequate disclosures in the RPT.
NA
f
Verifyandensurecompliancewithsection189,185and186ofCosAct and also adequate disclosures in CARO.
NA
B
SECURITY DEPOSITS
a
Ensurethatamounthasbeenanalysedagewiseandconfirmbythemanagement,WriteoffproposalhasbeenmadeifanyamountWritten off.
Done
No write off
b
ObtainSubsequentAnalysisoftheLoans&Advances(indicatingthe recovery / booking of the invoices / adjustment of Invoices. )
NA
c
AnyAdditionaldepositsmustbeconfirmedwithsupportingdocuments
Done
only an shippling company deposit of 10000 added in Cy verified with Bills
d
Ensureaccurateclassificationbetweencurrentandnon-currentw.r.t contract /agreement
Done
Correctly classified
e
Whereavailableandpossible,verifyamountsofdepositsw.r.tbills/invoices - for eg: rent / deposits held with MSEDCL, etc.
Done
Documents received
C
LOANSANDADVANCESTORELATEDPARTIES-inthenatureofloans
a
Vouch all significant transactionsrepresenting additions,revenueandinterestearnedandpaymentsreceivedandamountswrittenoffappearinginthe analyses/schedulesbyreferencetocopiesofagreements,extracts of minutes ofshareholders anddirectors meetings and other relevant supporting documentation.
NA
no such transeactions
b
AnalyseTransactionwithrespecttoNegativebalancesintheAdvances Accounts
NA
2
A
CAPITAL ADVANCES (Advances to Suppliers)
a
Whetheradvancesmadeoutofborrowedcapital?Ifyes,disallowanceofinterestthereonunderIncomeTaxActneedstobeanalysed, if any.
NA
b
Ifadvancesarenotmadefromspecificborrowings,thenproportionate interest if any.
NA
B
SECURITY DEPOSITS
a
WhetherDepositsmadeoutofborrowedcapital?Ifyes,disallowanceofinterestthereonunderIncomeTaxActneedstobeanalysed, if any.
NA
b
IfDepositsarenotmadefromspecificborrowings,thenproportionate interest if any.
NA
c
Whetherreasonabilityofrecovery?Whethercanbetreatedasexpensesandlaterchargedtoincomeintheyearofreceipt?Tobeanalysed in the light of Judicial reviews.
NA
C
LOANSANDADVANCESTORELATEDPARTIES-inthenatureofloans
a
ProvisionsforDeemedDividendtobereviewedandverifywhetherloanandadvancesqualifytobetreatedasDeemedDividendu/s2(22) of the income tax act, update checklist for Deemed Dividend
NA
b
Disallowanceofinterestonadvances/provisionforinterestatbank borrowings rate to be analysed
NA
c
if advances in nature of loan, necessary documents to be checked
NA
3
No primary substantive audit procedures required.
NA
GENERAL AUDIT PROCEDURES:
PROCEDURES RELATED TO INCOME TAX ASPECTS:
PROCEDURES RELATED TO GST ASPECTS:
S GAUTAM & ASSOCIATES LLP
A 14
PRIMARY SUBSTANTIVE AUDIT PROCEDURES - OTHER NON CURRENT ASSETS
OTHER NON CURRENT ASSETS
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
A14
OTHER NON CURRENT ASSETS
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
1
A
UNAMORTISED EXPENSES
a
EnsureExpensesincurredtowaredsactivitiesspecifiedu/s35D(1)ofincome tax act
Done
b
Ensure Nature of expenses are as per Section 35(2) of income tax act
NA
c
ifaboveconditionssatisfied,WriteoffofPreliminaryandPreoperativeExpensesoveraperiodof5Yearsfromtheyearofcommencement of business
Done
Preliminary expenses ammortised
d
EnsureamortisationcostforthecurrentyearissimilartothepreviousyearandthesameamortisationovertheperiodofFiveyears.
NA
B
ACCRUALS
a
VerifyInterestaccruedondeposits(i.e.InterestonElectricityDeposit yearly) is accounted accurately
NA
b
Verify that interest accrued on Investments is accounted accurately.
NA
c
Verify whether any interest accrued on Trade Receivables, required.
NA
d
Anyclaimsandsubsidyinrelationtobusinessofthecompanytoberecognisedbasedreasonablecertaintyorpostbalancesheetevents.(i.e. PSI, vat subsidy, EPCG, Duty Drawback etc.)
NA
2
No primary substantive audit procedures required other than above.
3
No primary substantive audit procedures required.
GENERAL AUDIT PROCEDURES:
PROCEDURES RELATED TO INCOME TAX ASPECTS:
PROCEDURES RELATED TO GST ASPECTS:
S GAUTAM & ASSOCIATES LLP
A 20
PRIMARY SUBSTANTIVE AUDIT PROCEDURES - CURRENT INVESTMENTS
CURRENT INVESTMENTS
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
A20
CURRENT INVESTMENTS
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
1
A
CURRENT PORTION OF LONG-TERM INVESTMENTS (AT COST)
a
Investmentinpreferenceshares(verifydetailsseparatelyforfully/partly paid up shares)
NA
No short term investments
b
Investmentingovernmentortrustsecurities-verifyw.r.tsupportings
NA
c
Investmentindebenturesorbonds(verifyw.r.tsupporting-detailsseparately for fully / partly paid up debentures / bonds)
NA
d
Investment in mutual funds (verify w.r.t supportings)
NA
e
Other investments (verify w.r.t supportings)
NA
B
OTHERCURRENTINVESTMENTS(ATLOWEROFCOSTANDFAIRVALUE, UNLESS OTHERWISE STATED)
a
Investmentinequityinstruments-verifyw.r.tsupportings-detailsseparately for fully / partly paid up instruments
NA
b
Investmentinpreferenceshares-verifyseparatelyforfully/partlypaid up shares
NA
c
Investmentingovernmentortrustsecurities-verifyw.r.tsupportings
NA
d
Investmentindebenturesorbonds(verifyw.r.tsupporting-detailsseparately for fully / partly paid up debentures / bonds)
NA
e
Investment in mutual funds (verify w.r.t supportings)
NA
f
Investmentinpartnershipfirms-tracetotherelevantfinancialstatements
NA
2
a
Provisionsof14AoftheIncomeTaxActneedtobeverifiedforpotential disallowances.
Done
No such expenses have been made during the year
b
WhetherinvestmentsmadeinGroupConcerns/Subsidiaries?IfYes,documentationinrelationtothesameneedstobeverified.(i.e.share purchase / transfer agreement, terms of investments etc.)
NA
3
No primary substantive audit procedures required.
GENERAL AUDIT PROCEDURES:
PROCEDURES RELATED TO INCOME TAX ASPECTS:
PROCEDURES RELATED TO GST ASPECTS:
S GAUTAM & ASSOCIATES LLP
A 21
PRIMARY SUBSTANTIVE AUDIT PROCEDURES - INVENTORIES
INVENTORIES
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
A21
INVENTORIES
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
1
a
UnderstandtheexistingsystemofstockvaluationAS(2)bygoingthroughtheworkingpapersofthecompanyanddiscussionwiththeconcerned person.
Done
FIFO method use
b
Thedetailedcheckingwouldhavetobedonebasedonprocedure/methodofvaluationasdiscussedabove(WhereFIFO/WeightedAverageCost(WAC)methodofstockvaluationisfollowedselectasampleofitemsandchecktheFIFO/WeightedAverageCost(WAC)ratewiththecorrespondingpurchaseinvoices.Whereweightedaveragemethodisfollowedfortheselectedsampleofitemscheckthe accuracy of weighted average rates in the stock ledger.)
NA
c
Discusswiththeclientanychangesintheinventorysystemandupdate the systems notes/ audit file.
NA
d
Analysetheclosingstockratesofcurrentyearandpreviousyearandthelatestpurchasepriceforabnormalvariances(>+10%ofprevious year )
NA
e
Incaseifthephysicalstockcounthasbeenperformedattheyearend,tracethediscrepancies/verifiedquantitiestothevaluationsheet.
NA
f
ObtainquantitativereconciliationstatementsasrequiredunderTaxAuditandperformvaluebasedreconciliationtoanalysethecorrectnesstheref.Eg:Actualpurchasesdividedbyactualquantitypurchasedwouldgiveaveragepurchasepriceandthisfurthercouldbeextrapolatedtotheclosingstocktgetatrueandfairviewonthe valuation.
Done
Stock working received.
g
Obtainandfileadetailedstocklistingforeachcategoryofinventoryand trace the totals to the TB
Done
h
ForFGitems,performanNRVtestingbyreviewingratesatwhichsubsequent period sales are executed
Done
i
ForWIP,verifythatoverheadshavebeenallocatedonareaonsablebasis, wherever applicable.
Done
j
VerifytheWeightedAverageCost(WAC)formajoritemsofRMwithlatest purchase invoices / POs executed.
Done
k
InquiretoverifywhetheranyGoodsInTransitneedstobeaccountedforbasedshipmentsandonthespecificcommercialtermsofpurchase.
Done
l
Enquirewhetherthereareanynon-moving/slow-moving/Expired/obsoleteinventoryitemsthatmayneedtobedevalued/writtenoff. (Obtain age analysis wherever available).
Done
2
a
ObtainMonthlyquantitativereconciliationstatementsasrequiredunder Tax Audit and cross matched Monthly purchases and sales.
Done
Monthly RTM report is prepared.
b
Analysedvariancesinmaterialconsumptionratioscomparedwithpreviousyear,highlightvariancesandidentifyreasonsforthesame.Also analyse variances in stock holding as compare to previous year.
Done
Discussed with management
c
Checkstockholdingvaluesandquantitieswithrelationtosalesinnext month. (April)
Done
3
IncaseofanydiminutioninInventoriesduetoloss,theft,scrapITCreversal with respect to corresponding purchases to be analysed.
NA
GENERAL AUDIT PROCEDURES:
PROCEDURES RELATED TO INCOME TAX ASPECTS:
PROCEDURES RELATED TO GST ASPECTS:
S GAUTAM & ASSOCIATES LLP
A 22
PRIMARY SUBSTANTIVE AUDIT PROCEDURES - TRADE RECEIVABLES
TRADE RECEIVABLES
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
A22
TRADE RECEIVABLES
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
1
a
Incasetallyisnottheaccountingsoftware,obtainthelistingofDebtors and trace the totals to the trial balance.
NA
b
DebtorsExistence/Valuationtobeverifiedinthefollowingsequence:
(i)
ForDebtorsBalancesatleastequalto50%invalue,obtainandreviewBalanceConfirmationsreceived.Incaseofanydifferences,ensurethatdifferencesarereconciledandeffectsaregiveninbooksofaccounts.(Listofdebtorstobepreparedbasedonbestjudgement)
Format
Pending
Balance confirmation not received
(ii)
Incaseconfirmationarenotreceivedfromtheparties,Performthefollowingalternateproceduresonlyforthepartieswhereconfirmations not available(i) Verify subsequent receipts, if available,(ii)Incasesubsequentreceiptsnotcollected,thenobtainandverifythe outstanding bills.
Format
Done
Subsequent receipts checked and working prepared
c
Compile the debtors analysis sheet and perform the following :
Format
- Obtain Reasons / Clarifications for debtors over six Months:
Done
2 parties having M/s Chintamani Autocomp & Engineering Prod, RITESH ELECTRICALS having balance for more than 3 yrs
-Enquirewhetherthereareanyongoinglitigationswithanyofthedebtors
Done
Done
e
PerformascrutinytoverifywhetherthereareanyadjustmententriestothedebtorsbalancespassedthroughJVandobtainreasons for the same and document.
Done
Verified on test basis
f
Obtainandverifytherestatementofforeigncurrencydenominateddebtors as at year end as per AS 11.
NA
g
IdentifyIrregularBalancesintheGroup-CreditBalanceindebtorsaccount-CheckWhetherthesameisAdvances/PendingBillsBooking.
Done
h
InCaseofAdvancescheckthePODetails(AmountofAdvance,Dateof Delivery of Material, Subsequent Clearance)
NA
i
VerifysignedWrite-offsProposalincaseofBadDebtsandensureaccounting is in line with same
Write off
Done
No bad debts written off during the year
2
a
Whethersummaryshowingpartywise,cashreceiptsagainstsalesbillshasbeenprepared?Cashreceiptsaboveprescribedlimitunderincome tax are to be reported.
NA
b
Asregardsbaddebtswrittenoffduringtheyear,billwisedetailsofthesameandtreatmentofbillsinthepreviousyeartobecompiled.Reasonsforwriteoffforeachofthepartytobespecifiedandverified.
Done
3
No primary substantive audit procedures required.
GENERAL AUDIT PROCEDURES:
PROCEDURES RELATED TO INCOME TAX ASPECTS:
PROCEDURES RELATED TO GST ASPECTS:
S GAUTAM & ASSOCIATES LLP
A 23
PRIMARY SUBSTANTIVE AUDIT PROCEDURES - CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
A23
CASH AND CASH EQUIVALENTS
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
1
Cash Balances
a
Irregular Cash Balances to be analysed.
Done
No such irregular Balances found
b
Inquireintothereasonsforwithdrawalsofcash/periodiccashbalances held in limits excess than the normal cash requirements.
NA
c
Obtainmanagementconfirmationofclosingcashbalancesasatthebalance sheet date.
Done
Cash balance certifcate received from management
d
Incasemanualcashbooksmaintained,obtainandreconcilewithaccount books.
NA
Bank Balances
FORMAT
a
Agreethebankbalancesperthereconciliationstothebankstatements and bank confirmations.
NA
no bank balnces as on bank accounts
b
Ensurethatchequesoutstandingformorethanthreemonthsarereversed.
NA
c
ListofOpenchequesandthedateofclearanceofthesamesubsequently.
NA
d
Accounting of Forex Gain / Loss for EEFC account.
NA
e
Obtainclosingbalancecertificatesandbankstatementforeachbank account as at the date of the balance sheet.
NA
f
Formajorreconcilingitems,tracetheamountsfromtheBRStothebank statements
NA
g
Performanunrecordedliabilitytest-ObtainbankstatementsforthemonthsofAprilandMayofthesubsequentfinancialyearandtestforunrecordedpurchases/expenses/provisionsasat31stMarch.
NA
h
Verifynatureoftransactionsappearinginthebankstatementasinterbanktransfere/intrabanktransferorcashpayment/withdrawal for suspecious transactions.
NA
Bank FD Accounts
FORMAT
a
AgreethebankbalancesasperthereconciliationstothebankstatementsandbankconfirmationsforeveryindividualFDAccount.EnsurethateachFDaccountisidentifiedwiththeirrespectiveaccount numbers in Tally books.
Done
b
Ensuretheinterestentriesareupdatedaspertheinterestcertificates on accrual basis.
Done
As per 26as
c
EnsuretheTDSreceivableentriesareupdatedaspertheinterestcertificates / TDS Certificates.
Done
d
Cross verify TDS Receivable balances with the details in Form 26AS
Done
Reconciliation done.
2
a
CashpaymentsmorethanRs10000/-tobeanalysed.Referrules6DDof the Income Tax Rules
Done
No such cash payments done
b
Whetherallcashtransactionsappearinginbankstatementareroutedthroughcashbook.Testchecktobedoneanddiscrepanciesto be verified.
NA
c
Irregularcashdepositsinbankstobeanalysedwithsourceandbalances in cash book.
NA
No such deposits found.
3
No primary substantive audit procedures required.
GENERAL AUDIT PROCEDURES:
PROCEDURES RELATED TO INCOME TAX ASPECTS:
PROCEDURES RELATED TO GST ASPECTS:
S GAUTAM & ASSOCIATES LLP
A 24
PRIMARY SUBSTANTIVE AUDIT PROCEDURES - SHORT TERM LOANS & ADVANCES
SHORT TERM LOANS & ADVANCES
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
A24
SHORT TERM LOANS & ADVANCES
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
1
Loans And Advances For Expenses
a
Incaseoflongpendingbalances(generallymorethan30days),thesamemustbeanalysedforpendingbillbooking,expenditurebooking.
Done
No such advance which are more than 30 days
b
Confirmation to be obtaned from Employees for balances in hand
Pending
Confirmation not provided
c
Subsequentclearanceofemployees'Expensesaccounttobeverified for date of expenses incurred.
NA
Loans And Advances Against Salary & Wages
a
IncaseofNonMovingbalancesanalysethereasonforthesameandconfirmation from employee
Pending
non moving balances for 2 parties PARVESH RANKA and Swaraj Pacharne (Sal & Adv) have been identified amounting to rupees 3,95,702
b
ConfirmationEmployeewiseagainsttheadvancesreceivedfromthem.
Pending
Confirmation not provided
Advance Income Tax ,Tds & Mat
a
Ensureadvancetaxpaymentarereconciledwiththeworkingprovided to the clients
NA
no advance tax paid during the year
b
EnsureMATCreditandSetoffentriesareupdatedinthebooksofaccounts.
NA
c
IncomeTax-Refund/LiabilitiestobereconciledwiththeReturnsFiled / Revised - Short Excess provision to be updated.
Done
short excess provision have been passed for all previous year balances
d
TDS Receivable (Reconciliation With 26AS and Tally)
Pending
TDS receivable and 26 AS reconicliation to be recived from client difference amount to less than 1 lakhs
e
Income Tax (Challans) - Advance Tax / Self Assessment Tax Challan
NA
no advance tax paid during the year
f
EnsurepresentationofIncomeTaxAccountsbasedontheAssessment Years
For all Loans and Advances (regardless of nature)
a
Verifyamountsoutstandingattheendoftheyearandthecorrespondingfigureatthepreviousyearendgivingbreakupofamountsconsideredgoodinresectofwhichthecompanyisfullysecured.
b
Checktransactionsinthesubsequentyearforrecovery/bookingofthe invoices / adjustment of Invoices.
c
Verifyamountsconsidereddoubtful orbad.(Write-offsProposal)ifany.
d
Verify Age wise Analysis of the Advances Group
e
IncaseofAdvancesmorethan180Days-thecontractualorexpected date of payment.
f
Enquireintooldoutstandingwithreferencetotheageanalysis.Justificationforalladvancesover1yearold(aboveathresholdlimit)whicharenotprovidedforshouldbeincorporatedintherelevant section of audit completion file.
g
Verify compliance with section 185 / 186 and adequate disclosure
h
Verify adequate disclosures in RPT
2
a
ProvisionsforDeemedDividendtobereviewedandverifywhetherloanandadvancesqualifytobetreatedasDeemedDividendu/s2(22) of the income tax act, update checklist for Deemed Dividend
Checklist
NA
b
Disallowanceofinterestonadvances/provisionforinterestatbank borrowings rate to be analysed
NA
c
if advances in nature of loan, necessary documents to be checked
NA
3
No primary substantive audit procedures required.
GENERAL AUDIT PROCEDURES:
PROCEDURES RELATED TO INCOME TAX ASPECTS:
PROCEDURES RELATED TO GST ASPECTS:
S GAUTAM & ASSOCIATES LLP
A 25
PRIMARY SUBSTANTIVE AUDIT PROCEDURES - OTHER CURRENT ASSETS
OTHER CURRENT ASSETS
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
A25
OTHER CURRENT ASSETS
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
1
Balances With Government Authorities
a
Compilealistofbalancesheldwithgovernmentauthorities-YearwiseandStatutewisetoverifywhethertheamountsarereceivableor required to be adjusted in the books.Inrespectofmoniespaidincourseofongoingassessments,obtainand verify relevant documents in relation to such assessments.
Done
Balance with governmnet authority only consists of balance recivable from GSt authority the same has been reconcilied
b
GST/VAT/OtherIndirectTaxes-EnsureclosingdebitbalancesofLedgers are maintained bill wise.
NA
reco done
c
VAT/GSTRefund/Creditledgerbalancestobeconfirmedwithrelevent records and supportings.
NA
d
EnsurethatVat/GSTAuditobservationsareincorporatedinthebooksofaccountstocorrectlyreflecttheVAT/GSTRefundbalances.AnydifferencesmaybetreatedappropriatelyintheStatement of P&L
NA
e
EnsurethatwhethertheVAT/GSTRefundApplicationsarefiledwiththedepartmentandthesameisupdatedinthebooksofaccounts.
NA
f
Incasetheassessment/scrutiny/VAT/GSTRefundOrderiscompleted,theeffectofsamemustbeaccountedinthebooksofaccounts.
NA
Other Current Assets
a
Incaseanysubsidyreceivablesuchassalestax/interestsubsidy,verify that provision made on accrual basis.
NA
Prepaid Expenses
Entriestobeupdatedaspertheperiodonthereceipts(fortheCurrent Year & Future Years)
Format
Done
prepaid expenses have been bifurcated according to the date of accrual
2
No primary substantive audit procedures required.
NA
3
a
Refertothechecklistpointsmentionedagainst-"StatutoryLiabilities Section"
GENERAL AUDIT PROCEDURES:
PROCEDURES RELATED TO INCOME TAX ASPECTS:
PROCEDURES RELATED TO GST ASPECTS:
S GAUTAM & ASSOCIATES LLP
A 11
PRIMARY SUBSTANTIVE AUDIT PROCEDURES - CONTINGENT LIABILITIES & COMMITMENTS
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
A 11
CONTINGENT LIABILITIES & COMMITMENTS
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
1
Contingent liabilities shall be classified as:
a
Claims against the company not acknowledged as debt;
NA
b
Guarantees(BankGuarantee/CorporateGuarantees/ExportPromotion Capital Goods (EPCG) / Performance Guarantee)
Done
all BG copies recived
c
DifferentialLiabilityonaccountofForms'C','H','F',etc.notreceived atleast for 3 Previous Years.
NA
d
Contingent liabilities in case of ongoing assessments.
NA
Capital Commitments shall be classified as:
a
O/s Purchase Orders for FA / Projected Cost based on Project Report
NA
b
Estimatedamountofcontractsremainingtobeexecutedoncapitalaccount and not provided for;
NA
Other commitments (specify nature).
NA
2
No primary substantive audit procedures required.
3
No primary substantive audit procedures required.
GENERAL AUDIT PROCEDURES:
PROCEDURES RELATED TO INCOME TAX ASPECTS:
PROCEDURES RELATED TO GST ASPECTS:
S GAUTAM & ASSOCIATES LLP
I 1
PRIMARY SUBSTANTIVE AUDIT PROCEDURES - INCOMES
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
I 1
INCOMES
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
1
A
DIRECT INCOMES / TURNOVER
a
WhethertheSalesareaccountedasProductWise(ForFinancialStatements-ProductWiseofSalesInformation(Value&Quantity)needs to identified and documents to be maintained.
Done
Sales have been accounted as product wise
b
InCaseofPurchaserejectionstheentriesaccountedthroughSalesVouchertypesundersalesgrouparereversedandreclassifiedtotherespective purchase ledger.
Done
c
InCaseofAssetsSaletheentriesaccountedthroughSalesVouchertypesundersalesgrouparereversedandreclassifiedundertherespective asset.
NA
asset sale entries passed accordingly with accouning of profit and loss
d
ExportTransactionstobeidentifiedwiththeForeignCurrencyAmount&Rates.TheEffectoftheForexGain/Losstobesuitablygiven in the Profit / Loss Accounts
Forex
NA
e
GSTtariffwisereconciliationwithbooksofaccountsandGSTreturns.
Format
Done
Reconciliation of Tally with GST returns prepared
f
ReconciliationofServiceTurnoverswiththeAmountCreditedasperForm 26AS. Differences to be reconciled and resolved
Done
Reconciliation prepared
g
Checkwhetherallrejections/SalesCreditNotesareaccountedfor.Subsequenteventsi.eafteryearendandbeforebalancesheetdateneeds to be checked.
Done
B
INDIRECT INCOMES
a
Analyseandinquireonthenatureofotherincomeearnedduringtheyear.
NA
b
Checkifsuchotherincomeisnormallyearnedbythecompanyinthecourseofbusinessandperformacomparativeanalysiswiththeprevious year.
NA
c
Ifthereareexpensesofsimilarnatureincurredduringtheyear,check if such income can be offset with the expense or vice versa.
NA
d
Checkiftheotherincomeearnedattractsanyindirecttaxes,andhas been accounted for.
NA
2
A
DIRECT INCOMES / TURNOVER
a
Provisionforaccruedbutnotbilledrevenue,ifany,needstobechecked
NA
b
Whether any revenue needs to be recognized with ICDS
NA
c
ToverifywhetherallScrapSalesaccountedbasedonconsumptionofMaterial
Done
d
QuantitativeReconciliationofSalesValueasperP&Lwith3CDQuantity Data
Done
B
INDIRECT INCOMES
a
Checkforcreditsu/s41oftheIncomeTaxActwithrespectto3CDdisclosures
NA
3
a
UnderstandthenatureoftheotherincomesearnedbytheclientandconfirmifthesamearetaxabletoGST.Ascertainanddocumentreasons in case the said income are not taxable under GST
Done
Not Taxable to GST
b
Ascertain and document reasons in case there is any exempt income.
NA
c
Incasetaxabilityisascertainedconfirmcorrectnesswithreferenceto the relevant HSN/ SAC Codes.
NA
GENERAL AUDIT PROCEDURES:
PROCEDURES RELATED TO INCOME TAX ASPECTS:
PROCEDURES RELATED TO GST ASPECTS:
S GAUTAM & ASSOCIATES LLP
E 1
PRIMARY SUBSTANTIVE AUDIT PROCEDURES - PURCHASES AND EXPENSES
Prepared by:
Sohum
Name of Client:
G K Alloys Private Limited
Reviewed by:
CA Makarand Koshti
Financial Year:
2024-25
Approved by:
CA Krunal Champaneria
E 1
PURCHASES
Format to be used
Closing File WP Ref
Status (Done / Pending)
Remarks
1
A
PURCHASES
a
WhetherthePurchasesareaccountedasProductWise(ForFinancialStatements-ProductWiseofConsumptionInformation(Value&Quantity)needstoidentifiedanddocumentstobemaintained.
Done
Purchases have been accounted product wise
b
CustomDuty&Incidentalsfortheimporttransactiontobecheckedforensuringallentriesareupdated.Incaseanyduty/incidentals are against Assets, the same must be capitalised.
Done
c
ImportTransactionstobeidentifiedwiththeForeignCurrencyAmount&Rates.TheEffectoftheForexGain/Loss(Realised/Unrealised) to be suitably given in the Profit / Loss Accounts
Forex
Done
Workings for Forex Transactions is received
2
A
PURCHASES
a
QuantitativeReconciliationofPurchaseValueasperP&Lwith3CD Quantity Data (Principle Raw Materials as per 3CD)
Done
b
ConsumptionRatiosinrelationtoSalestobeverified(Variancesw.r.t. Previous Years to be analysed and recorded)
Done
c
Checkforsuddenspikesandvariancesinmonthlypurchasesandanalyse the same for abnormal items.
Done
d
Whetheryearendpurchaseshavebeenconsumedorincludedinstock
Done
e
VerifythatPriorYearPurchase/Expensesaredisallowedintaxcomputationandadequatedisclosuresinthefinancialstatements.
NA
f
Verifyco-relationbetweenthetimingandnatureofPurchasesand Sales . (insimplewords,purchasestopreceedsalesanditemssoldshould have been part of purchases)
Done
B
SALARIES AND WAGES
a
Allpaymentstopersonscoveredunder40A(2)needstobecheckedforreasonablenesswithmarketrates/paymentsmadeto similar grade employees in the company.
NA
b
UnsupportedpaymentsunderSalariesandWagestobeescalated,if any, they are exposed to potential disallowances
NA
c
Staff Welfare Expenses to be verified for any personal element
Done
No personal expenses recorded
d
Verifycomplianceswithrespecttoprovisionsrelatingtomanagerial remunerations of the Companies Act, 2013.
NA
C
OTHERS
a
Incaseofrecurringitems,verifythattheexpensesareaccounted/ accrued evenly for each month.
Done
Provision entries to be done
b
ExpensesinCashtobeverified,whetherwithinpermissiblelimitsof section 40A(3) of I.T. Act
Done
no cash payments greater than 10000
c
Unsupportedpaymentsorexpensestobeescalatedastheyareexposed to potential disallowances
NA
d
All expenses to be co-related to business or Revenue generated. In case of abnormalities, same to be escalated
Done
e
Checkwhetheranypenalties,fineshavebeendebitedtoProfitandLossAccount,ifyes,tobeescalatedanddisallowedincomputation sheet
Done
f
IncaseofForeignCurrencyexpenses,billsandsupportingsofexpensesincurredtobemaintained.PurchaseofForexdoesnotamount to expenditure.
NA
g
Prior Year Expense Report to be made
NA
h
IncaseofForeignTravel,relevantworkingtobemadeinspecified format.
Format
NA
No foreign travel
i
TDSreconciliationofallexpensesinProfitandLossaccounttobemade in line with 3CD reporting
Done
]
j
Abnormalitiesindirectexpensestocheckwhetheranycapitalexpenses have been debited to the Profit and Loss Account.
Done
No capital expenes debited to P&L
k
Under-reportingofstock,ifany,afterquantitativereconciliation,unbilledrevenue,subsequentyeartransactionstobecheckedandpurchase values.
Done
Stock Statement submitted to bank as on 31st March 2024 received but no quantity detailes specified
l
GrossMarginAnalysisandjustificationofvariancestobeprepared, as part of TAR annexures.
Done
m
NetMargin(PBT)Analysisandjustificationofvariancestobeprepared, as part of TAR annexures.
Done
3
a
ScrutinizetheledgerstocheckifanyITCisavailedinconnectiontotheinputsreferredtoinSection17oftheCGSTActalsoknownas 'Blocked Credits'
Done
No such Credits taken.
-FoodsandBeverages,outdoorcateringetc.unlessclienthassimilar outward taxable supplies.- Club membership, health or fitness center- Rent a cab services, health or life insurance services-inventorywriteoff,goodsdestroyed/stolenetc.,onwhichITCwas availed earlier-repairsorinsuranceonvehiclesotherthan13seaterswef1stFeb 19
NA
b
Incasethereareexemptsalesotherthan'ZeroRated'Sales(Export/SEZSupplies)thenconfirmifproportionateITCreversalsare done as per Rule 42/43 of the CGST Rules
NA
GENERAL AUDIT PROCEDURES:
PROCEDURES RELATED TO INCOME TAX ASPECTS:
PROCEDURES RELATED TO GST ASPECTS: