Audit Assistant

1. Sales Reconciliation

•       Reconcile sales figures across sales registers, invoices, e-way bills, and GST returns (GSTR-1)

•       Verify sales data with financial books and ensure accurate revenue recognition

•       Cross-check sales invoices with dispatch documents and delivery challans

•       Identify and report discrepancies in sales recording and tax computation

•       Verify export sales documentation and compliance with FEMA regulations

•       Reconcile sales returns, credit notes, and discount schemes

2. Customer Ledger Scrutiny & Ageing Analysis

•       Review customer ledger accounts for accuracy and completeness

•       Prepare detailed ageing analysis of accounts receivable (30/60/90/180+ days)

•       Identify long-outstanding debts and potential bad debts

•       Verify provision for doubtful debts as per accounting standards

•       Scrutinize customer advances, security deposits, and credit terms

•       Confirm balances through direct customer confirmations

•       Analyze payment patterns and credit period adherence

3. GST Reconciliation

•       Reconcile GST returns (GSTR-1, GSTR-3B, GSTR-9) with books of accounts

•       Verify Input Tax Credit (ITC) claimed with purchase registers and GSTR-2A/2B

•       Check reverse charge mechanism applicability and compliance

•       Identify mismatches between filed returns and accounting records

•       Review GST payment challans and e-credit ledger

•       Verify classification of goods/services and applicable GST rates

•       Check compliance with e-invoicing and e-way bill requirements

•       Prepare reconciliation statements highlighting discrepancies

4. Purchase & Expense Ledger Scrutiny

•       Review purchase ledger for proper recording and authorization

•       Verify purchase invoices with goods received notes and purchase orders

•       Scrutinize expense ledgers for proper classification and supporting documents

•       Check compliance with capitalization vs. revenue expenditure norms

•       Verify TDS deductions on applicable payments

•       Review related party transactions and their disclosure requirements

•       Analyze expense trends and identify unusual or irregular transactions

5. Vendor Reconciliation

•       Reconcile vendor ledger balances with vendor statements

•       Prepare vendor-wise outstanding statements

•       Verify accounts payable ageing and payment schedules

•       Check for unrecorded liabilities and accruals

•       Review vendor advance payments and their adjustment

•       Obtain and match vendor confirmations

•       Identify duplicate payments or reconciling items