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How do I verify the Purchase of quoted investme...

How do I verify the Purchase of quoted investment in the books of my client?

How do I verify the Purchase of quoted investment in the books of my client?

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Chiranjibi Chapagain Mar. 12, 2018

You can follow the following points to verify the purchase of quoted investments in your client's books.

  • Ascertain the date of purchase, rate of purchase, nature of investments purchased and nature of transaction, i.e., error cum-dividend/ interest/right/bonus.
  • Compare the rate of purchase with quotation available. Obtain suitable explanations in case of significant variations.
  • Verify the amount paid towards purchase of investments.
  • Trace the amount in the cheque book counterfoils and bank statements.
  • Obtain a schedule of investment from Management for physical verification at the year end.
  • Verify the investment certificate to confirm title.
  • Confirm compliance with statutory provisions such as 143(1) of the Companies Act, 2013.
  • Verify whether investments are duly disclosed in financial statements in accordance with recognized accounting policies and practices and relevant statutory requirements.

How do I verify the Purchase of quoted investment in the books of my client?

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