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Responsibilities of the management and GST auditor in GST audit

Goods and Services Tax - GST - By: - Sandeep Rawat - Dated:- 4-12-2018 - Appointment of the GST Auditors under section 35(5) and section 44(2) of the CGST Act read with Rule 80(3) of the CGST Rules [read with the corresponding provisions of the State / Union Territory Goods and Services Tax Acts] is to certify the Reconciliation Statement in GSTR 9-C prepared for the financial year ended 31st March 2018. In this context, clear responsibilities play a very important role to implement the bonafide .....

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e respective rules framed thereunder, and for the preparation of the GSTR 9C in compliance of those laws. Maintenance of adequate accounting records and internal controls for safeguarding of the assets and preventing and detecting fraud or other irregularities-written confirmation The responsibility of the Management also includes the maintenance of adequate accounting records and internal controls for safeguarding of the assets of the Entity / Firm / Company* and for preventing and detecting fr .....

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ly accepted in India and in line with the requirements under the GST laws and assessing the accounting principles used and significant estimates made by the Management in the presentation of financial statements The audit will be conducted in accordance with the auditing standards generally accepted in India and in line with the requirements under the GST laws. Those standards require that GST auditor plan and perform the audit to obtain reasonable assurance as to whether the relevant GSTR 9C is .....

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procedures, the enterprise s internal control. This consideration will not be sufficient to enable him to provide assurance on internal control or to identify all reportable conditions. Persuasive rather than conclusive nature of audit evidence Having regard to the test nature of an audit, persuasive rather than conclusive nature of audit evidence, together with inherent limitations of any accounting and internal control system, there is an unavoidable risk that even some material misstatements, .....

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s may be applicable and the effectiveness of internal control over financial reporting. Auditing standards generally accepted in India also require that, at the conclusion of the audit, GST auditor obtain representation letters from certain members of management about these matters. The responses to those inquiries, the written representations, and the results of the audit tests comprise the evidential matter GST auditor will rely upon in forming an opinion on the GSTR 9C or other reports. Owing .....

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