Accounts & Compliance (NoteItEasy)

Hello All! In this blog I am going to show the common observations that are being reported during internal audit in Finance & Accounts Department: 1. Cash receipt of ₹ 20,000 or more towards deposit (Section 269SS of Income Tax Act 1961) As per Section 269SS of Income Tax Act 1961,  No person shall take or accept from any other person any loan or deposit otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account, if,— ( a )  the amount of such loan or deposit or the aggregate amount of such loan, deposit: or ( b )  on the date of taking or accepting such loan or deposit, any loan or deposit taken or accepted earlier by such person from the depositor is remaining unpaid (whether repayment has fallen due or not), the amount or the aggregate amount remaining unpaid; or ( c )  the amount or the aggregate amount referred to in clause ( a ) together with the amount or the aggregate am...

Hello All! Here I am again, now with the checklist showing data to be obtained from Engineering & Maintenance Department in a factory for audit. Here we go. 1. Approved budgets of the department. 2. List of equipments covered under third party Annual Maintenance Contract (AMC). 3. AMC terms document of the equipments covered under AMC. 4. Service reports issued by the contractor during the AMC visits. 5. Preventive Maintenance Schedule of equipments and actual data of preventive maintenance carried out. 6. Electricity and water consumption records. 7. Monthly Inventory report of engineering stores and spares. 8. Minimum stock policy regarding critical spares. 9. Energy audit reports.