No clause i(c)Whether title New clause is Cases may be deeds of introduce for arises in which immovable immovable title deeds are properties are property only registered in the held in the name of holding name of the company and company. If not, used by the provide details subsidiary thereof. company. Inventories ii(a) whether ii(a) Whether 1. No need to Auditor need to physical physical comment on collect verification of verification of procedure necessary inventory has inventory has followed by the evidences to been been conducted management is ensure that conducted at at reasonable reasonable or physical reasonable intervals by the not according to verification of intervals by management the size of the inventory has the and whether company. been conducted management; any material at reasonable discrepancies 2. no need to intervals by the ii(b) are the were noticed comment on management procedures of and if so, how company is and physical they have been maintaining discrepancies verification of with in the proper records were noticed inventory books of of inventory or has been dealt followed by account; not. with in the the books of management account. reasonable and adequate in relation to the size of the company and the nature of its business. If not, the inadequacies in such procedures should be reported; iii(c) whether the company is maintaining proper records of inventory and whether any material discrepancies
No clause i(c)Whether title deeds of immovable properties are held in the name of the company. If not, provide details thereof. New clause is introduce for immovable property only Cases may be arises in which title deeds are registered in the name of holding company and used by the subsidiary company. Inventories ii(a) whether physical verification of inventory has been conducted at reasonable intervals by the management; ii(b) are the procedures of physical verification of inventory followed by the management reasonable and adequate in relation to the size of the company and the nature of its business. If not, the inadequacies in such procedures should be reported; iii(c) whether the company is maintaining proper records of inventory and whether any material discrepancies ii(a) Whether physical verification of inventory has been conducted at reasonable intervals by the management and whether any material discrepancies were noticed and if so, how they have been with in the books of account; 1. No need to comment on procedure followed by the management is reasonable or not according to the size of the company. 2. no need to comment on company is maintaining proper records of inventory or not. Auditor need to collect necessary evidences to ensure that physical verification of inventory has been conducted at reasonable intervals by the management and discrepancies were noticed has been dealt with in the books of account.
CARO-2016.docx