How could you vouch and verify the royalties received ?
How could you vouch and verify the royalties received ?
Kanishka Feb. 20, 2018
Royalties Received can vouch or verify the royalties received on the considerations of followings.
(i) Verify the relevant contract and ascertain the provisions relating to the conditions of royalty such as rate, mode of calculation and due date.
(ii) Check the periodical statement received in respect of books printed, sold and inventory lying at different locations.
(iii) Check the computation in the royalty statement and ensure that any deduction or adjustment made from the royalty due is as per agreement conditions.
(iv) Verify the provisions for the royalty to be received as at the end of the year.
