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Rizwan & Co. Chartered Accountants: Completed by Schedule Reviewed by (SPS/AM) Reviewed by (Partner)

1. The document outlines an audit programme for testing a company's compliance with Pakistan's Workers' Welfare Fund requirements. 2. It includes steps to check the company's eligibility for the fund, calculation and allocation of contributions, distribution of fund proceeds to workers, and record keeping and reporting obligations. 3. The audit aims to determine if the company properly calculated, allocated and distributed welfare fund monies in accordance with applicable regulations.

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faheem
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66 views2 pages

Rizwan & Co. Chartered Accountants: Completed by Schedule Reviewed by (SPS/AM) Reviewed by (Partner)

1. The document outlines an audit programme for testing a company's compliance with Pakistan's Workers' Welfare Fund requirements. 2. It includes steps to check the company's eligibility for the fund, calculation and allocation of contributions, distribution of fund proceeds to workers, and record keeping and reporting obligations. 3. The audit aims to determine if the company properly calculated, allocated and distributed welfare fund monies in accordance with applicable regulations.

Uploaded by

faheem
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Ebrahim

Ebrahim
Ebrahim
Ebrahim
Rizwan & Co.&&
&&Co.
Co.
Co.
Co. Completed by Reviewed by Reviewed by Schedule
Chartered
Chartered
Chartered
CharteredAccountants
Accountants
Accountants
Accountants (SPS/AM) (Partner)
Chartered Accountants

CLIENT : Ravi Autos Sundar (Private) Limited


ACCOUNTING PERIOD : June 30, 2015 Date : Date :

AUDIT PROGRAMME OF: WORKERS' WELFARE FUND

INITIAL CONCLUSION SCHEDULE


REVIEW S= Satisfactory
BY
STAND. STAFF
ASSERTION TEST TEST DESCRIPTION N= Non-satisfactory FORMAT INITIAL/
S or FWQ REF. GRADE
Dt: N Reference
C E A V
SUBSTANTIVE PROCEDURES

1 Check the status of the company, engaged GRY-1


in ''Industrial undertaking''

Does company satisfy any one of the following


condition: GRY-2
a Total income for the year is not less then five lakh
b No of workers employed is greater then 50

2 i).Check the company pay 2% of its Profit before taxation.


OR
ii). 2% of 4% of receipt value of exports in case
to file return under section 115 (4) of the rdinance

3 Has the computation and allocation of interest; GRY-3


i). Correctly done
ii). Properly allocated to workers
iii). Fully provided in the accounts

4 i). Check that every worker been distributed the


annual income of the fund including capital gains
realized.
ii). Check that a worker leaves his employment or his
terminated receives 100% of the net asset value
of the units standing in his name as on that date.

5 Check that the appointment of Chairman to the Board


is for One Year.

524838066.xlsx ISSUED : JULY, 2001 Page 1 of 2


Ebrahim
Ebrahim
Ebrahim
Ebrahim
Rizwan & Co.&&
&&Co.
Co.
Co.
Co. Completed by Reviewed by Reviewed by Schedule
Chartered
Chartered
Chartered
CharteredAccountants
Accountants
Accountants
Accountants (SPS/AM) (Partner)
Chartered Accountants

CLIENT : Ravi Autos Sundar (Private) Limited


ACCOUNTING PERIOD : June 30, 2015 Date : Date :

AUDIT PROGRAMME OF: WORKERS' WELFARE FUND

INITIAL CONCLUSION SCHEDULE


REVIEW S= Satisfactory
BY STAND. STAFF
ASSERTION TEST TEST DESCRIPTION N= Non-satisfactory FORMAT INITIAL/
S or FWQ REF. GRADE
Dt: N Reference
C E A V
6 Obtain copies of ;
i).Special audit report ( by Federal Government)
ii).Board minutes ; if any
iii).Regulations for governing the fund
iv).Audited accounts with auditior report thereon of
the fund

7 i).Ensure that all incomes of the fund are exempt


from the tax
ii). Ensure that trustees shall not take any remuneration
for their services except the reasonable cost of their
travel.
iii). Obtain the copy of challan showing the left
over amount deposited into bank.

8 Obtain the schedule of detail of interest accrued on


total allocated WWF and copy of the statement for its
distribution amongst workers.

9 Examine on test basis name-wise payment vouchers /


sheets as required to be submitted to Section Officer
of Ministry of Labour, Manpower and Overseas
Pakistanis- Federal Government of Pakistan.

10 Note that any difference arising between the board and GRY-4
company relating to the administration of the scheme
has been referred to the Federal Government because
the decision of the Federal Government would be final
on any matter referred to the Federal Government.

Ebrahim & Co.


Chartered Accountants

524838066.xlsx ISSUED : JULY, 2001 Page 2 of 2

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