Page 145 - KRCL ENglish

Sr. No.
Emphasis
of Matter Statutory Auditor's Remarks Management Reply
Para:

Non- generation of ledgers with no
transactions during the current
nancial year, while generating all
ledgers in excel workbook.

Contractors Bills are maintained
Contract wise manually but the
report containing the Contract
wise details along with initial
history is not generated from the IT
Systems.

Annexure A The Company has maintained
Companies records of Fixed Assets, however, The assets register format will be
(Auditor's therein sufcient description of the modied to incorporate the
Report asset to make identication requisite details suggested by the
Order) 2016 possible, situation and location / auditors. Currently, xed assets
i (a) & (b) custody of the assets is not register is prepared manually.
mentioned. Also, in certain cases However, in the new system this
the quantities and per unit rates are will be developed in association
not mentioned. with CDAC in the second phase.
Physical verication process is to
The xed assets of the company be strengthened considering the
have been physically veried by a difculties in correlating the assets
physical verication cell however as per FAR and assets physically in
in our opinion the current team & existence at various locations,
procedure adopted is not composition of the committee, etc.
adequate/ reasonable considering
the size of the Company, Nature &
volume of the assets. In our
opinion, the procedure for physical
verication of xed assets needs to
be strengthened whereby inter
departmental team should carry
out the physical verication in the
phase manner as per company's
policy.

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