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HomeProducts >  Tally.ERP 9 > Statutory Auditing
Statutory Auditing
Precise, full-view Auditing

In addition to Tax audit and Statutory Compliance, the Auditors' Edition of Tally.ERP 9 is a powerful tool to perform Statutory Audit. It enables Auditors to analyse the Books of Accounts, discover exceptions and highlight deviations.

Using it, Auditors can also generate Financial Statements like Balance Sheet and Profit & Loss Account as per Schedule VI, which need to be submitted to stakeholders as prescribed in Company's act.

Highlights of Statutory Audit Tool

•Flexibility to compare data available in two different Companies
•Present the data in the required format for analysis and Audit
•Highlight specific exceptions
•Step by Step approach to conduct various analysis to find deviations
•Facility to apply sampling methods to filter transactions for vouching
•Provides the facility to perform audit and provide necessary audit comments
•Functionalities like Cut, Paste, Undo etc. have been provided to classify/re-classify any default Tally Group/Ledger Balances to prepare the required reports.


The Statutory Audit tool is divided into three main sections based on the usage:

•Data Analysis
•Auditing
•Finencial Statement

Data Analysis

The Auditing section helps the auditor to check and audit all the available transactions by applying the necessary sampling methods:

Verification of Vouchers: 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.

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

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

Data Audit

Checks and balances are now simplified in the Data Audit reports for Masters and Vouchers. The new reports generated in Tally.ERP 9 Data Audit provide more filters and details; groupings can be based on User Name, Range of Voucher numbers, or for a selected period.

Advantages of Data Audit include:

     • Saves time
     • Reduces load and speeds up process
     • Delivers rich intelligence and control

Imagine there's a need to verify whether the new accounts clerk is adhering to company policy on payments. If vendor payments are being released before due dates, on due dates or much past dates due...it can greatly impact cash flow in the business. Currently, all vouchers and ledgers would be displayed (date-wise, in chronological order) and each line item would have to be verified, regardless of the period or user details. Tally.ERP 9 provides a simple and quick report that instantly shows this information.

Further, when the manager needs to verify who had modified an entry in a Ledger or Voucher, and when the change was effected, this is easily done in Data Audit reports in Tally.ERP 9. Since 'Entered' and 'Altered' are displayed in separate columns, it gives users easy access to this information without having to set up filters.

Tally.ERP 9 provides the user with two options: Ledgers and Vouchers, permitting the viewing of all types of transactions, vouchers, users or period or both, simplifying audit since there is no need to set up filters.

Selection in the new data reports include:

     • Reports for a particular range of voucher numbers.
     • Reports for a particular user.
     • Report for a selected period.

 

Auditing

The Auditing section helps the auditor check and audit all the available transactions by applying the necessary sampling methods:

Verification of Vouchers: 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. This makes all the transactions belonging to the Related Parties available for scrutiny.


ForEx Transactions: This report lists down all the transactions involving Multi Currency and provides the option to conduct Audit.

Outstanding from MSME (Micro, Small and Medium Enterprises): Auditor can check and audit the Outstanding Payments for the parties identified as MSMEs.

Salary / Wages Payments: Auditor can check the Headcount details and Salary Payment details for all the employees. An option to audit these transactions is provided.

Finencial Statement


Comprehensive Financial Statements as per Schedule VI:

Using Auditors' Edition of Tally.ERP 9, the following Financial Statements can be prepared as per the Schedule VI requirements:

• Balance Sheet as per Schedule VI

• Profit & Loss A/c as per Schedule VIAll the default Tally Groups are mapped to the Schedule VI titles to generate the above Financial Statements. The tool provides the flexibility to the auditors to re-classify these Groups as per the requirement without affecting the client's data.

Some of the salient features of Schedule VI Balance Sheet are:

• Can be generated with a single click
• Tally Default Groups (Business Groups) are mapped to Schedule VI groupings by default
• Can be further regrouped as required (user defined)
• Flexible Schedule numbering
• Generation of Schedules
• Export to Excel for further formatting if required

Some of the salient features of Schedule VI Profit & Loss A/c are:

• Sales & Income Groups are mapped to INCOME by default
• Expenses & Purchase Groups are mapped to EXPENDITURE
• Option to rename INCOME & EXPENDITURE is provided to support all industries
• Flexibility to regroup within INCOME & EXPENDITURE
• Flexible Schedule numbering
• Generation of Schedules
• Export to Excel for further formatting if required

 

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