Export Documents Verification for Audit
Export documents verification is important part for verification of Export transaction. India has very good export document maintaining rule for export transaction which not only gives detail about goods but all the information like what is origin of goods, to whom it is exported, via which agent or shipment detail and other excise and custom clearance tax related detail are maintain in each transaction of export. This process should strictly followed by exporter. According to the same exporter have to maintain export documentation and the same are verify as a part of routine audit process. It is very important to know export documentation while carrying work of audit.
Following are the export documents to verify.
• Packing list
• Commercial invoice
• Excise invoice (for removal of excisable goods from factory or warehouse) • ARE-1
• Shipping bill
• SDF form (Statutory Declaration Form)
• Mate receipt
• Bill of lading
• Certificate of origin
• Certificate of inspection
• Freight certificate
• Insurance receipt
These are the list of documents to verify out of which what are applicable to specific transaction is depends on terms of export of transaction.If there is export is on term of... FOB (free on board) then freight certificate, insurance receipt and bank realisation will not applicable CIF (carriage insurance freight) then bank realisation will not applicable How to carry audit process?
Packing list show description of goods exported that is weight( gross and net), number of items, exporter name and address, buyer name and address, detail description of goods etc. All these things should verify and packing list should be authorised. Commercial invoice Commercial invoice is made as per requirement of buyer in the buyer's currency with all common detail. The amount should be work price + other expenses recoverable from buyer (carriage, transportation, sea freight). Excise...
Please join StudyMode to read the full document