Welcome

To access account and manage orders

SIGN UP LOG IN

Profile Orders Subscriptions Wishlist
  • ₹ Pricing
    Research Practice Advisory
  • Blog
    Research Practice Advisory Academy Compliance Bookstore Virtual Books & Journals Webinars Podcast
  • Profile

    Welcome

    To access account and manage orders


    Profile Orders Library Subscriptions Wishlist Wallet
    • My Account
      • Personal Information
      • Manage Addresses
      • GSTIN Details
      • Change Password
    • Orders
    • Subscriptions
    • Wishlist
  • Cart

Home » Blog » Checklist for Audit of Debtors, Loans, and Advances

Checklist for Audit of Debtors, Loans, and Advances

  • Account & Audit|Blog|News|
  • < 1 minute
  • By Taxmann
  • |
  • Last Updated on 5 May, 2022

Recent Posts

Account & Audit, Blog

A Comprehensive Guide to Ind AS 2 | Inventories


Blog, Labour & Industrial Laws

Decoding Industrial Relations under the New Labour Codes


Latest from Taxmann

Audit of Debtors Loans Advances

Debtors represent the amounts due to an entity for goods sold or services rendered or in respect of other similar contractual obligations, but do not include the amounts which are in the nature of loans or advances. Loans represent the claims of an entity in respect of such contractual obligations as the money lent. Advances represent payments made on account of, but before completion of, a contract or before acquisition of goods or receipt of services.

One may adopt the following checklist for Audit of Debtors, Loans, and Advances:

1. Has the system of internal control relating to debtors, loans and advances been evaluated?

    • Basis for determination of credit limits for customers
    • Procedure for preparation of aging schedule of debtors at regular intervals
    • System of obtaining balance confirmations
    • System for approval of the competent authority
    • System of periodic reconciliation of various debtor balances with related control accounts

2. Whether the verification of the large balances due for a long time, has been done?

3. Are the balances reported in the financial statements completely recognized?

4. Is the appropriate valuation done for recognizing the debtors, loans, and advances?

Click Here To Read The Full Story

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.

Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

PREVIOUS POST

« RBI hikes policy repo rate by 40 bps to 4.40% under the Liquidity Adjustment Facility

NEXT POST

‘BENPOS’ report is not cogent evidence and imposition of penalty to be set aside: SAT »

Sign Up

To subscribe to our weekly newsletter please log in/register on Taxmann.com

Latest Books

R.K. Jain's Customs Law Manual | 2023-24 | Set of 2 Volumes

R.K. Jain's Customs Tariff of India | Set of 2 Volumes

R.K. Jain's GST Law Manual | Set of 2 Volumes

R.K. Jain's GST Tariff of India | Set of 2 Volumes

Share By

Everything on Tax and Corporate Laws of India

To subscribe to our weekly newsletter please log in/register on Taxmann.com

Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied
View all posts by Taxmann

Author TaxmannPosted on May 5, 2022Categories Account & Audit, Blog, News

Post navigation

Previous Previous post: RBI hikes policy repo rate by 40 bps to 4.40% under the Liquidity Adjustment Facility
Next Next post: ‘BENPOS’ report is not cogent evidence and imposition of penalty to be set aside: SAT

Everything you need on Tax & Corporate Laws. Authentic Databases, Books, Journals, Practice Modules, Exam Platforms, and More.

Follow us on
Bookstore Support
  • Express Delivery | Secured Payment
  • Free Shipping in India on order(s) above ₹500
  • Missed call number +91 8688939939
  • Offering
  • Research
  • Practice
  • Advisory
  • Academy
  • Compliance
  • Bookstore
  • Virtual Books & Journals
  • Webinars
  • Podcast
  • Blog
  • About Company
  • Home
  • About us
  • Media Coverage
  • Careers
  • Sitemap
  • Budget
  • Budget 2022-23
Loading...
  • Authors
  • A-Z
  • Business & Support
  • Sell with Taxmann
  • Locate Dealers
  • Locate Representatives
  • FAQs
  • Contact Us
  • Downloads
  • CD Key Activation
  • Legal
  • Privacy Policy
  • Return Policy
  • Payment Terms
  • Disclaimer
  • EULA
Copyright Taxmann.com. All Rights Reserved