Accounts Notes: Special Auditor Report

Friday 25 March 2011

Special Auditor Report

 can be called by a lending bank, if circumstances wants. Submitted on quarterly basis, it is in addition to normal audit report which is on annual basis).

Information regarding :
(i) Actual Production.
(ii) Actual production as % of rated capacity.
(iii) Sales.
(iv) Cash of goods sold / cost of production.
(v) Gross margin.
(vi) Interest on bank borrowing.
(vii) Interest on others.
(viii) Age-wise classification of raw material and finished goods.
(ix) Basis of valuation of raw material and finished goods.
(x) Age wise classification of B/R and other receivables due from domestic parties and for exports.
(xi) Some ratio etc. also be given.
(xii) Information w.r.t. following
(a) Balances at the end of each month of the quarter for major categories of stock, receivables and bills receivables;
(b) Tax assessments and payments made during the quarter.
(c) Actual disbursement of capital expenditure during the quarter;
(d) Outstanding contracts.
(e) The contingent liability;
(f) Investment made during the quarter and the income from such investments including profit on sale of investments.
(g) Loans given during the quarter;
(h) Loans raised during the quarter
(i) Overdue statutory liability at the end of the quarter;
(j) Amounts due but not paid at the end of the quarter in respect of (a) loans from banks, (b) public deposits and (c) other loans; and
(k) Figures of cash losses during the last 2 years to be stated on the basis of the annual accounts. If such accounts were not audited this fact should be stated.