Major equipment Current assets (stores) Cash Liabilities Long-term loans Provision for retirement benefits Security deposits Current liabilities (creditors, etc.) The following table highlights the significant Financial Statements components along with their main account heads and areas critical for auditing. Significant Financial Main Heads Critical Area Statement Components Revenue Sale of Plots Balloting Timely realization of instalments Penalties if applicable Advertising Tendering process Realization of receipts as per contract Toll collection Tendering process Realization of receipts as per contract Expenditure Works Planning & Estimation of works. (Development Tendering of works and engagement of Expenditure) consultancy services Post-bid contract amendments Variation /change orders in original contract/work orders Measurement of works Payment to the contractors beyond the terms of contract Escalation claim of the contractors Contract Payments Violation of contract specification/design Non-imposition of liquidated damages due to delay in completion of works Failure and termination of contracts
Major equipment Current assets (stores) Cash Liabilities Long-term loans Provision for retirement benefits Security deposits Current liabilities (creditors, etc.) The following table highlights the significant Financial Statements components along with their main account heads and areas critical for auditing. Significant Financial Statement Components Main Heads Critical Area Revenue Sale of Plots Balloting Timely realization of instalments Penalties if applicable Advertising Tendering process Realization of receipts as per contract Toll collection Tendering process Realization of receipts as per contract Expenditure Works (Development Expenditure) Planning & Estimation of works. Tendering of works and engagement of consultancy services Post-bid contract amendments Variation /change orders in original contract/work orders Measurement of works Payment to the contractors beyond the terms of contract Escalation claim of the contractors Contract Payments Violation of contract specification/design Non-imposition of liquidated damages due to delay in completion of works Failure and termination of contracts