PN 6

Checklist for Firm’s Regulatory Compliance

Q1 Q2 Q3 Q4 Remarks
Regulatory Compliances
TDS 9 9 9 9

Whether Tax is correctly deducted 9 9 9 9

on all relevant items.
Whether TDS is deposited in time 9 9 9 9 If no, give
in all three months details
Whether Quarterly TDS returns 9 9 9 9
are prepared and are checked
Whether TDS Quarterly returns 9 9 9 9
are deposited in time
Service Tax
Whether correctly charged 9 9 9 9

Whether correctly deposited 9 9 9 9

Whether Returns submitted and 9 9

are in order
PF
Whether correctly deducted 9 9 9 9

Whether correctly deposited 9 9 9 9

Whether Returns submitted and

are being checked by different 9 9 9 9
person
Whether Annual Returns 9 9 9 9
submitted and are in order
ROC
Whether annual return submitted 9
and are in order
Form 23AC,23ACA,20B 9
submitted in time
Whether all intimations has been 9
timely submitted to ROC
Income Tax
Whether TDS correctly booked 9 9 9 9

Whether TDS Certificate received 9

Whether Tax Return was checked 9

in detail by a separate person
Whether Tax Return is correctly 9
prepared
Whether Tax Returns submitted 9
in time and are in order
Financial Statements
Whether all bank accounts are
reconciled and statements 9 9 9 9
reviewed
Whether MIS statement and Tally 9 9 9 9
matching in revenue
Whether all Journal entries are 9 9 9 9
booked in accounts
Whether all expenses (including
salary and travel) are booked 9 9 9 9
properly
Whether provisions have been 9 9 9 9
made correctly
Whether inter-company (group) 9 9 9 9
accounts are reconciled
Auditor to include substantive test
as per study of internal control
systems and carry out detailed 9 9 9 9
checking of vouchers, documents
etc.
Auditor to present letter of
observations pointing out
weaknesses noted in the system 9 9 9 9
and corrections advised and
whether corrections done in the
system
Auditor will provide information
to the management about 9 9 9 9
exposures
Budget Comparisons
Regular P&L account is showing 9 9 9 9
correct budget comparisons
MIS is correctly capturing 9 9 9 9
Revenue and Budget comparison