Property, Plant & Equipment
Additions, depreciation, disposals, capitalisation vs revenue expenditure, CWIP ageing and title-deed reporting — the assertion-heavy area most fieldwork gets wrong.
Trade Payables
Completeness is the dominant risk — the search for unrecorded liabilities, MSMED Section 22's five-part disclosure, CARO 3(vii) statutory dues and the GST 180-day rule.
Revenue
A presumed fraud risk on every engagement — the IND AS 115 five-step model, cut-off testing with an unpredictability element, contract assets/liabilities and GSTR-1 cross-tally.
Inventory & Valuation
Physical verification, cost vs NRV, slow-moving and obsolescence provisioning, and the CARO 3(ii) coverage-and-discrepancy reporting that follows.
Related-Party Transactions
Identifying the full RPT universe, Section 188 approvals, arm's-length evidence and the disclosure web across AS 18 / IND AS 24 and Schedule III.
Cash & Bank
Bank confirmations, BRS review, stale cheques and timing differences, fixed-deposit lien verification and the six-point CARO 3(ix) loan-default check.
Each playbook pairs with a tool.
Read the area context, then run the matching engine — Three-Way Match, GSTR-2B Reconciliation, Audit Sampling, Journal Entry Testing and TDS Verifier turn the procedures into defensible, browser-only working papers.