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Discuss the differences between auditing a service company and a manufacturing company. What adjustments would your...

Discuss the differences between auditing a service company and a manufacturing company. What adjustments would your peers have to make to their audit planning if they were to audit a service company?

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Answer #1

Auditing of Service Company and Manufacturing Company differs in many way.

For example accounting for inventory in done only in manufacturing company and not in Service Company.

Whether service tax is paid timely and return has been filed is audited in service company only. Vat payments and vat returns are checked only for the manufacturing company only.

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Hope that helps.

Feel free to comment if you need further assistance J

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