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PRINCIPLES OF AUDIT

n the light of the provisions of the Central Excise Act, 1944 and the Finance Act, 1994 and the rules made thereunder. It should be consistent with departmental instructions and should make use of professional audit methodology and procedures. The basic principles are: i. The audit should be conducted in a systematic and penetrative manner. ii. Emphasis should be on the identified risk areas and on scrutiny of records maintained in the normal course of business. iii. Audit efforts should be based on materiality i.e. degree of scrutiny will depend on the nature of risk factors identified. iv. Recording of all checks and findings. v. Audit should normally be distinct from anti-evasion operation in as much as it can detect irregularities only .....

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taxpayer operation: An error may appear to be small in itself, but may have sizable implication due to the huge scale of operations of an assessee/taxpayer. 4.2.3 Integrated audits: Coordinated and integrated audit covering two or more duties/taxes for assessee/taxpayer i.e. Central Excise, Service Tax and Customs (OSPCA) having common PAN shall be carried out instead of individual audit for each tax separately, operation of which is detailed in subsequent paras/chapters. For carrying out integrated audits in exclusive Service Tax Commissionerates, necessary legal enablement has been made in the jurisdictional Notifications No. 20/2014-ST and 21/2014-ST, both dated 16.09.2014. 4.2.4 Period to be covered during audit Every audit should invar .....

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nt by the audit group for the audit of a particular assessee and taxpayer from desk review to preparation of audit report (i.e. days spent in office as well as at the assessee and taxpayer premises). In exceptional cases, the aforesaid period may be extended with the approval of Deputy/Assistant Commissioner (Audit). Further, in accordance with the requirements of the audit of a particular assessee and taxpayer such duration can suitably be reduced with the express, prior concurrence of the Deputy/Assistant Commissioner (Audit), provided the verification as per the audit plan has been completed in the prescribed manner. 4.4 Stage wise action for audit i. Preparation/updating of assessee master file containing comprehensive assessee/taxpayer .....

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