Accounting & Auditing- A Checklist Approach

This publication intends to assist companies and auditors in preparing financial statements in accordance with Accounting Standards (under Companies (Accounting Standards) Rules, 2006) and also those preparing financial statements under Indian Accounting Standards (under Companies (Indian Accounting Standards) Rules, 2015. Looking to the enhanced compliance scenario, the aim of this publication is not only to equip companies and auditors with the changes, but also to ensure that adequate documentation is put in place by them. The publication seeks to provide immense practical value, containing several new checklists of importance including on updated Accounting Standards, Indian Accounting Standards (including Ind AS 116 Leases that is effective from financial years beginning on or from 1 April 2019), Schedule III, Revised Standards on Auditing, CARO 2016, Audit Report formats, IFC Reporting and Revised Form 3CD clauses.

Part I of the publication deals with the accounting requirements and contains Accounting Standards (under Companies (Accounting Standards) Rules, 2006) and Companies (Indian Accounting Standards) Rules, 2015 checklists. There are also checklists dealing with Divisions I,II and III of Schedule III to  the Companies Act, 2013.

Part II of the publication deals with the auditing requirements and contains Standards on Auditing checklist, Revised Form 3CD checklist including the annexures, CARO checklist, ICF reporting checklist and checklist on SEBI’s regulations for principal auditors of listed groups.

Part III of the publication deals with the impact of COVID-19 on Accounting & Auditing. There is a separate chapter dealing the financial reporting aspects of COVID-19 that need to be considered by companies under Accounting Standards (under Companies (Accounting Standards) Rules, 2006) and under Indian Accounting Standards (under Companies (Indian Accounting Standards) Rules, 2015, followed with extracts from annual reports of leading companies A separate checklist deals with audit considerations due to COVID-19. Further for ease of readers, author has given a separate chapter on extracts from audit reports(having Covid-19 issues) of leading company.

This publication is an attempt to ease the process of financial reporting and auditing covering the key accounting and auditing requirements through checklist. The readers would find this book very useful.

Key Features

• Includes Comprehensive & Simplified checklists on-

         - Accounting Standards & Indian Accounting Standards, included Ind AS 116

         - Schedule III to Companies Act 2013 along with formats, Including Division I, II & III

         - Standards on Auditing including revised Standards

         - Updated CARO 2016 and Form 3CD in Tax Audit along with Formats & Annexures

         - Internal Control over Financial Reporting (ICFR) under Companies Act, 2013

• Para References given in the checklists

• Separate COVID 19 audit checklist

• Checklist for appointment of auditors, including relevant illustrative formats for letters/ resolutions

• In Depth Analysis of COVID-19 Impact on relevant AS & Ind AS (Accounting Consideration)

• Real life examples of COVID 19 related disclosures in Audit Reports

About the Author

CA Santosh Maller

The author is an Associate Chartered Accountant, having secured rank in CA exams, with about 16 years of extensive experience in Accounting, Audit and Assurance fields. He has worked with several diverse companies, Indian and multinational companies, on IFRS and Ind AS GAAP conversion engagements, in India and overseas, in manufacturing, telecom, real estate, shipping and logistics.  He has been a member of IFRS desk/accounting technical professional practice group of a big audit firm for over 8 years. He has had a stint in London, during which he was closely associated with the IFRS standard-setting projects of the International Accounting Standards Board, such as, revenue, leases and financial instruments.

The author has been serving as a special invitee on the ICAI’s Accounting Standards Board and has been part of many study groups of the ICAI. He has authored several media articles on Accounting and Valuation and has been an eminent speaker and technical trainer on financial reporting and corporate governance. The author has also authored several other books on Ind AS and taxation.