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https://help.tallysolutions.com/docs/te9rel64/Auditor_Edition/India/Statutory_Audit/auditing_process.htm

Auditing Process (India)

The Auditing section provides the facility to Audit the required transactions. The Auditor can check all the transactions or audit only selective transactions by applying the necessary sampling method. Auditing is divided into the following:

● Verification of Vouchers : All the transactions for the Audit Year will be visible from this report. The auditor has an option to apply the recommended Sampling methods and do the Auditing for the Sampled Vouchers or audit all Vouchers.

● Related Party Transactions : The auditor can identify the Ledger Master as Related Parties based on the information given by the Client and all the transactions belonging to the Related Parties will be available for scrutiny.

● Forex Transactions : This report list down all the transactions involving Multi Currency and provides the option to conduct Audit.

● Micro, Small, Medium Enterprises (MSME) Transactions : Auditor can check and audit the Outstanding Payments for the parties identified as MSME’s.

● Salary / Wages Payments : Auditor can check the Head Count details and Salary Payment details for all the employees and an option to audit these transactions is provided.

The Auditor can press Enter on any of the Columns to view the required transactions as shown below:

  • Total - This column displays the Total Vouchers which are available for Auditing.

  • Sampled - This column displays the count of Sampled Vouchers along with the Percentage . It also displays the bifurcated count of sampled vouchers, based on Voucher Type and Ledger Wise .

Note: Ledger wise count displayed in Brackets indicates the number of Ledgers participated in the sampled vouchers.

● Audited : This column displays the count of Audited Vouchers along with the Percentage .

● Internal Observation : Displays the Vouchers which are marked as Internal Observation by the user performing the auditing. The auditor can mark a Voucher as Internal Observation if he wants to keep these Vouchers for his seniors help or to take the final decision on the Audit status later. The two sub-columns Pending and Clarified indicate Vouchers for which clarification from the superior is pending, and Vouchers for which clarification has been received, respectively. This will ensure a smooth clarification process within the audit team.

● External Clarification : Displays the Vouchers which are marked as External Clarification. The Vouchers which are marked as External Clarification will be available for the Client's clarification from Gateway of Tally > Display > Statements of Accounts > Audit & Compliance Info. > Statutory Audit . The two sub-columns, Pending and Clarified, indicating Vouchers for which clarification from the client is pending and received, respectively. The auditor can therefore obtain complete audit status details from a single screen.

● Clarified (To be re-audited) : Displays the Vouchers which are Clarified by the Client. These Vouchers were sent to the Client for his Clarification using Need Clarification Audit Status.

● Altered (To be re-audited) : Displays the Vouchers which are altered by the Client after the same was marked as Audited (post Audit completion).

The Auditor can drill down from the Total , Audited , Internal Observation , External Clarification , Clarified (To be re-audited) , Altered (To be re-audited) and view the respective reports.

The drill down from the Total Column and Audited Column displays similar reports for all the five reports.

Drilling down from the rest of the columns displays all the Vouchers marked as External Clarification , Clarified or Altered for the respective report.

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