Currently COVID-19 is at peak, it is the situation where every businessman needs support, support from its customers, support from his creditors, support from financial institutions, and most importantly support from government.

Government may not provide financial help to entity but in this situation how government can expect that an entity shall get its books of account audited; In audit every auditor is required to vouch the accuracy of Books of Accounts maintained by his client’s; Sometime this is done at client place (What we call as audit at client premises), and Sometime all the required copy of Invoices/Bills and necessary papers are furnished to the auditor at audit premises. In both the situation there is huge amount of risk which is present in auditing the books of account as ultimately it will lead to rise in cases of COVID. There are many things which are required to be physically verified by the auditor to complete the audit process, even if we say that auditor can take help of artificial intelligence, there are many small vendors which are getting there Books of Accounts audited as they are not having sufficient profit margin (i.e. less than 8%) and in that case neither auditor nor businessman can afford to use such e-audit procedures.

Audit

It shall also be noted that there are many article assistants which are working in firm of auditor; primarily for learning purpose they are the first person who will vouch the Books of Accounts which are maintain by the client, they are the persons who will prepare the Audit documentation file which is required for the purpose of future reference; in all they are person to whom we call as future Chartered Accountants.

Government if extends due date of audit they may have impact on its revenue, but this revenue cannot be generated at the cost of life of any Chartered Accountants or future Chartered Accountants; ultimately, they are the person who are or who will be the partner in Nation Building.

Also, it is difficult to sanitize each and every Books of Account which are to be maintained for longer period of time.

Therefore, it is strongly requested to government that please extended the due date which are falling in near future; this will genuinely help all the businessman and will surely act as booster for them.

Author Bio

More Under Income Tax

6 Comments

  1. Murali Krishnamurthy Chodavarapu says:

    it is very clear that the audit assistants are the first persons to contact the books of accounts. Also, most of them are to appear for their exams, leaving behind the CA to do the verification process. As a result in all fairness, it is sincerely requested to postpone the scheduled exams

    1. jigarmansata25 says:

      Yes, I totally agree with your view, but to let this happen we all need to share this words as much as possible so that it reaches the concerned authority.

Leave a Comment

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

Search Posts by Date

October 2020
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031