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All QuestionsCategory: Companies Act ComplianceCompany Audit and Impact under GST
Profile photo of CA Pankaj PanchalCA Pankaj Panchal asked 6 months ago

Company Audit and Impact under GST

Company Audit and Impact under GST

Very Good Morning to Respected Members…..
I would like to discuss a practical scenario on Statutory Audit, GST and Income Tax.
Fact of the Case
ABC Pvt. Ltd.  has issued some invoices to its client under Financial Year 2017-18 of Rs 5 Lakh dated March, 2018 and respected client has claimed expense and ITC of the same in their books of accounts and released payment as credit period.
Now ABC Pvt. Ltd. has not reported to his accountant for recording in books of accounts. Hence Financial statement has been prepared and audited by statutory auditor without know the fact.
Now, after due scrutiny, during the Financial year 2018-19 came to knowledge the same  to auditor as well as company.
Seeking suggestion

  1.  What is the responsibility of the statutory audit in this respect. 
  2. How should the auditor should disclose the same. 
  3. How to records the same in books of accounts of the client.
  4. How to file under GST and its impact on GSTR-9 well. Should invoices dated March, 2018 upload in current GSTR-1 or otherwise. 
  5. This income is prior period income and should be reported in tax audit for the year. 
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