9/22/2016Internal Audit Checklist of Import Purchases Internal Audit Expert Claim your expertise 468google (2) Home Submit Observation Submit Checklist Submit Whitepaper Observations Checklist / Audit Programme White Paper White Paper 468google Internal Audit Checklist of Import Purchases Written by Jitendra Khatri Category: IA Checklists / Audit Programme Hits: 27685 User Rating: Poor / 25 Best Rate Check whether any Detention charges / Demurrage charges have been paid to the clearing and forwarding agents ascertain the reasons for the payments of demurrage / detention charges. Ascertain whether demurrage / detention/terminal handling charges/free time allowed for the containers by the suppliers as per the terms of the purchase order to be borne by the suppliers have been recovered from the suppliers. Check whether TDS has been made from the bills of the clearing agents. http://internalauditexpert.in/whitepaper/15iachecklistsauditprogramme/117internalauditchecklistofimportpurchases?hitcount=0 1/8 Such expenses are of an avoidable nature. Ensure that the imports purchases have been made within the LC Validity period.9/22/2016 Internal Audit Checklist of Import Purchases Ensure that the Advance licences are fully utilized. Inquire whether efforts have been made to develop cheaper domestic sources and comment upon the same. < Prev Next > Add comment Name (required) Email (required. Scrutinise the offers / quotations of foreign suppliers. Observe the rate variation over a period of time in the rates paid to the foreign suppliers for the same product and enquire into the reasons thereof. but will not display) Website http://internalauditexpert. Check whether customs duty has been paid for imports of material inspite of Advance licences being available.in/whitepaper/15iachecklistsauditprogramme/117internalauditchecklistofimportpurchases?hitcount=0 2/8 . Check whether any LC extension / revalidation charges have been paid. Carry out a comparison of rates paid to the foreign suppliers with the rates prevailing in the domestic market and comment upon the cases where the domestic rates are lower as compared to the imports. Check whether any amount has been paid towards Advance licence validity extension / revalidation charges. Ensure that proper offers were made by the suppliers and quotations called from a sufficient number of foreign sources / comparative statements prepared before releasing the PO for imports from a foreign source. Check whether any customs duty / penal interest / penalty has been paid towards imports made but export obligation not fullfilled under an Advance licence. o Obtain the status of Advance licence utilisation. Check the Purchase Orders on the basis of Purchase register Item wise. Check the agreement / contract with the clearing agent and ensure that the terms and conditions of the contract are complied with. Check whether excess time is taken for the clearance of material from the customs over and above the grace period / free time allowed. in/whitepaper/15iachecklistsauditprogramme/117internalauditchecklistofimportpurchases?hitcount=0 3/8 .620 Points boxgoogle http://internalauditexpert.016.700 Points Kavya 1.9/22/2016 Internal Audit Checklist of Import Purchases Notify me of followup comments Refresh Send JComments active Tab: Most Active Users Most Active Users Jitendra Khatri 44.538.352 Points Debashis Gupta 2.865. in/whitepaper/15iachecklistsauditprogramme/117internalauditchecklistofimportpurchases?hitcount=0 4/8 .9/22/2016 Internal Audit Checklist of Import Purchases Login Form User Name User Name Password Password Remember Me Log in Create an account http://internalauditexpert. in/whitepaper/15iachecklistsauditprogramme/117internalauditchecklistofimportpurchases?hitcount=0 5/8 .9/22/2016 Internal Audit Checklist of Import Purchases http://internalauditexpert. USA on 25Jun15 Audit Engagement Letter secretarial check list Latest White Papers text Internal audit in India: A Proactive Initiative Content of Whistleblower Policy How to map Internal Audit (IA) Strategy with Business Strategy? Internal Audit: Where Did We Come From.9/22/2016 Internal Audit Checklist of Import Purchases Latest Observations INTERNAL AUDIT OF TRADING COMPANY inventory Lack of Segregation In Procurement of Services Open PO GRN Delays Latest Checklists Internal Audit checklist of IT (System & Firewall Security) Checklist for Project Cost (Capital WIP) Auditing in SAP Environment by Jitendra Khatri @ Delhi Chapter :: IIA. Where Are We Going? Noah GotteSman http://internalauditexpert.in/whitepaper/15iachecklistsauditprogramme/117internalauditchecklistofimportpurchases?hitcount=0 6/8 . Freight. Ceramics & Sanitary ware. FMCG. Procurement CAPEX. Recruitment. Iron & Coal AddThis Process Covered Procure to Pay.in/whitepaper/15iachecklistsauditprogramme/117internalauditchecklistofimportpurchases?hitcount=0 7/8 . Tyres. Defense & Government. Repair & Maintenance. BPO & ITES. Administration Expenses. Mining. Inventory Management. Glass. Oil and Gas. Printing & Publishing. Donation. Media & Dotcom. Capitalization Process. Travel. Pharma & Biotech. Retail. Textiles & Garments. Chemicals. Insurance Exp. ITHardware. C&F Operation Google+. Paper. Construction. Procurement Direct Expense. Publicity & Advertisement Exp. Production Process. Consumer Durables. Brokerage. Recruitment. Education & Training. Payroll. Sale of Goods. Plastic & Rubber. Diversified. Cab Transport. NGO & Social Services. Fitness & Sports. Fertilizers & Pesticides. KPO. Financial Close Process. Debt. Hotels & Restaurants. Gems & Jewelry. Discounts. ITSoftware. Airlines & Travel. Courier & Transportation. Order to Cash. Steel. Infrastructure. Real Estate & Property. Foods & Beverage. Consulting Firm. Sale of Services. Stores & Spares. Power & Energy. Financial Services. Entertainment.. Fixed Asset Verification. Healthcare & Hospital. Legal Services. Electricals. Procurement. Auto & Auto Ancillary. Vendor Payment. Banking. Shipping & Marine. Procurement Raw Material. Architecture.Google2+ Designed by: ThemeXpert AddThis Smart Layers http://internalauditexpert. Depot Operation. Expense Provisions.9/22/2016 Internal Audit Checklist of Import Purchases Industries Covered Advertising & PR. Agriculture & Dairy. Insurance. Brewery & Distillery. Wages & Salary.. Telecom & ISP. Security services. Food Processing. Industrial Products. 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