Workers Profit Participation Fund
LAST YEAR AMOUNT. The auditor can determine the amount of
workers profit participation fund of last year. He can verify it from
previous year’s balance sheet. He has working papers of the previous year.
RATE ON UNPAID ACCOUNT. The auditor must verify that rate of interest on unpaid account must be two percent more than the bank rate or money market rate. The auditor can collect bank rate.
CURRENT YEAR AMOUNT. The auditor can examine the current year amount from profit and loss appropriation account. He can examine the total amount of fund. The amount paid to workers may be deducted.
Similar Accounting Articles:
- WORKERS PROFIT PARTICIPATION FUND
- Workers Welfare Fund
- WORKERS WELFARE FUND
- Profit And Loss Appropriation Account
- PROFIT AND LOSS ACCOUNT