exempted establishments...i name of the epf trust:- ii (a) name of the trustees with their address...
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EXEMPTED ESTABLISHMENTS –REPORT OF THE AUDIT
PART –A
I DETAILS OF THE ESTABLISHMENT:
1.1 Name & address of the establishment
:
1.2
1.3
Whether the legal status of the establishment
has been changed after the grant of
exemption. If yes, the date on which it was reported to RPFC.
P.F. Code no. of the establishment
:
:
1.4
Assessment Year/Period under Verification
:
1.5 Date of finalization of the Balance Sheet of the establishment
:
1.6 Name of the Participating Units with date of participation (In case of common PF Trust)
Particulars of orders of approval from the Regional P.F Commissioner for participation.
:
Sr. No.
Name of the P. F. Trust
Name of the participating unit / establishment
P.F. Code no.
No. of P.F. members
Whether exempted or relaxed
RPFC who granted relaxation/ permission for participation
Effective date of relaxation.
1.7 Name of the subsidiaries/ units/ branches/
departments of the establishment with date of incorporation/participation and whether compliance
is being made in the PF Trust of the Holding
Company.
:
1.8 Details of merger/amalgamations, formation of subsidiaries that took place during the last three
years and change in the legal status of the
establishment, if any.
:
1.9 Details of Exemption notification from the Appropriate Government by virtue of which the
establishment is maintaining its own EPF Trust.
:
2
Concerned section of EPF Act/Scheme under which
Exemption/relaxation has been granted.
1.10 Details of Income Tax Recognition to the Trust
:
1.11 Assessment year upto which the Income Tax Returns for refund of TDS on Investments have
been filed by the Board of Trustees.
:
1.12 Name of Depository Participant of the EPF Trust with whom the BoT is having its De-mat Account.
Constituent Subsidiary General Ledger Account
Details :
SDS Account Details :
Saving Bank Account Details:-
:
1.13 Name, Designation and residential addresses of the owner/proprietor/partner/Managing Director with
their contact numbers (Landline and Mobile & email ID) who are responsible for conduct of business of
the establishment and compliance under the
provisions of the EPF Act.
:
1.14 Names of the Banks and their address where the establishment maintains its accounts with their
Account Numbers and IFSC code numbers.
:
1.15 Whether all the irregularities/discrepancies pointed out during earlier inspections have been rectified. If
not, issues outstanding with reasons.
:
3
1.16 Details of records which have been relied upon for
Audit viz Attendance/Wages/Salary Registers, Books of Accounts viz ledgers (including all accounting
heads viz. loading, unloading charges, transportation charges, contract labour charges,
commission charges, stipend to apprentices etc.),
cashbooks, Vouchers etc
: Sr. No Name of the Records If examined,
write specifically, YES/NO
If yes, period involved
If no, state reasons for not examining the same
1 Attendance Register
2 Wages/Salary Register
3 Balance Sheets/ PL Accounts
4 Cash Books
5 Ledgers
6 Vouchers
7 Any other record
II REMITTANCES & RETURNS:
2.1 Whether the amount of EPF Subscription along with the
matching contribution of employer has been received by the Board of Trustees from the employer on or before
15th of the every month following the month for which the contributions are payable except for the months as
indicated in the separate sheet enclosed for which the contributions have been received beyond the
prescribed time limit and as such damages and
interest as prescribed under section 14B and 7Q of the EPF &MP Act, 1952 are payable by the
establishment.
:
2.2 Whether the Salary/Wages shown in the Registers/Pay Bills is in agreement with the Books of Accounts/Balance
Sheets. If no, the reasons for the difference be given.
:
2.3 Whether contribution to EPS & Inspection Charges dues
have been deposited on or before 15th of each month to the EPFO.
:
2.4 In case of default furnish month-wise details
:
Sr. No.
Wage/Salary Month
Amount Due
Due Date
Date of Payment
Delay in Days
Liability of Interest u/s 7Q of the EPF Act.
2.5
2.6
In case of delayed remittances, whether interest in terms
of section 7Q of the EPF Act, has been claimed by the Board of Trustees from the employer.
Whether damages under section 14B of the Act have
been levied and recovered by the EPFO.
:
:
4
2.7 Whether there are any assessed damages outstanding
against the employer
:
2.8 Whether the Establishment has filed the prescribed
monthly/annual returns within the specified time limit. In
case of default specify the details thereof.
:
2.9 Whether there are cases of missing contributions i.e
amount deducted from the Salary/Wages of the employees but not credited in the members PF account,
wrong posting of contributions etc. If yes, such cases
may be specified.
:
2.10 Whether the monthly PF return in Appendix-A submitted by the establishment during the Financial year reflected
the true picture of cash flow of the PF Trust. If not, discrepancies may be specified.
:
III ENROLMENT & CONDITIONS:
3.1
3.2
Whether all the employees as defined under section 2(f)
of the Act are enrolled as members (after verifying all the accounting heads). If not, the details of non-
enrollment of the eligible employees be enclosed.
Total number member of P.F. members in the trust.
Details in respect of contributing and non-contributing members be furnished. The details in respect of
employees who are member of the PF Trust but
not members of Employees Pension Scheme 1995 is enclosed.
:
:
Name of the Record NO. OF EMPLOYEES Reason for
variation, if any
Entitled Excluded
Regular Contract Regular Contract
Wages/Salary Register
Attendance Register
Head Count (if required)
3.3
Number of “excluded employees”. Is there any employee
who qualifies for membership of the fund but has been shown under the excluded category by virtue of eligibility
parameters as laid down under Para 2(f) of the EPF Scheme, 1952.
:
5
3.4 Whether Form no. 11 has been obtained in respect
of all eligible employees.
3.5 Number of Apprentices as per the Apprenticeship Act, 1961
Number of Trainees as per the standing instructions of
the establishment.
:
3.6 Number of Contractual Employees employed through the contractors who are independently covered under the Act
and status of their compliance in the proforma.
:
Sr.
No
Name of the
Contractor
PF Code No Total Amount
Paid
No. of
Employees
3.7 Is there any mechanism to verify the compliance in respect of employees, contracted from an independent
covered contractor? If so the details of records/documents be specified.
(i) Whether contribution is being paid on the wages as
defined in the Act and the Scheme?
(ii) Whether the wages/salary/component of wages in
contractual payment on which contribution is paid agrees with the books of accounts/balance sheet of
the establishment?
:
:
:
3.8 Whether the employer’s share is being reimbursed to such Contractor by the establishment. Please specify the
details
:
3.9 Number of Contractual employees whose compliance is
being made to the Trust by the establishment and whether the same commensurate with their wages.
:
3.10 In case of exempted/relaxed under section 17(1) (a)/Para
79, whether all the contract employees are enrolled to the trust. Details of contract employees and contractors
may be furnished.
:
3.11 In case of exemption under para 27 or 27A of the EPF Scheme, whether the contributions of employees other
than those in respect of which exemption has been either
granted or applied for have been remitted into the statutory fund with the RPFC
:
6
(i) The number of employees exempted u/p 27/27A
(ii) The number of un-exempted employees
IV
4.1
EDLI SCHEME, 1976
Whether exempted under section 17(2A) or 17(2B) of the
Act or relaxed under paragraph 28(7) of the Employees’
Deposit Linked Insurance Scheme, 1976
:
If yes, Notification/order no. and date of issue by appropriate authority/Government
:
The date of expiry of the exemption
Whether application for extension of exemption has been
made
Name of the Insurance Provider Agency, approved by the EPFO.
Details of Master Policy of the Scheme
Detail of premium paid to the insurance agency
Whether inspection charges are paid in time? Furnish the details in case of belated payments.
Quantum of benefits available in the Master Policy
:
:
:
:
:
:
If complying as unexempted for EDLI whether the dues
have been deposited timely.
Whether the claims of all deceased employees
have been settled. If no, the details of the not settled claims with reasons be annexed.
:
:
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PART-B
I Name of the EPF Trust:-
II (A) Name of the Trustees with their address and contact no and date of appointment. (i) From Employees’ side
(ii) From Employer’s side
(B) Whether the composition of the Board of trustees is in accordance with Para 79 C of
EPF Scheme.
(C) Whether the PF rules have been amended in accordance with the amendments made
in the EPF Scheme. If no, the details.
III Date of finalization of the Balance Sheet of the Trust:-
IV Claim settlements and account Slips & Grievances :-
4.1 Whether all claims are settled within the maximum time
frame prescribed by the EPFO
Sr.
No.
Name of
the
Member
PF Account no Date of filing of
claim with BoT
Date of
settlement of
claim
Delay in days
4.2 Whether there is an effective mechanism framed by
Establishment for redressal of grievances related to
Provident Fund. If yes, the details thereof. If not, specify the reasons.
4.3 Whether the Loans/Advances to the members have
been sanctioned strictly according to the eligibility as delineated in the EPF Trust Rules, approved by the
RPFC and no deviation has been made. In case of
default, list of such cases may be submitted.
Sr. No
Name of Member PF Account no. Purpose for which Laon/Advance Sanctioned
Anomaly with regards to Trust Rules
4.4 Verification of the rejected/returned claims
(i) Total number of claims received during the year
(ii) Total number of claims settled during the year (iii) Total number of claims returned/rejected. Reasons
for return/rejection as verified from records and
percentage of return/rejection.
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4.5 Whether the accounts in respect of the employees are
maintained electronically and whether the members have access to their accounts and are able to see their
account balance from the computer terminals
4.6 Whether the Board of Trustees has issued an annual statement of accounts or passbook to every employee
within six months of the close of the
financial/accounting year.
4.7 In case if an employee who is already a member of the EPF or the PF of an exempted establishment is
employed, whether his accumulations with his previous employer have been transferred and credited into his
account by his new employer.
4.8 Whether there are cases of Stale Cheques/undelivered
cases where no action has been taken by the BoT for re-authorization. If yes, specify the cases.
4.9 Whether the platform of the EPF Trust has been used for un-authorized private investments from members.
The details of contributions/subscriptions other than deducted from the Salary/Wages of the employees may
be detailed.
Sr. No
Details of un-authorized investment
Amount Remitted Name of the remitter member
4.10 Whether the Residual Balances with the Trust in respect of cases where full and final settlement has
been made have been paid to them. If no, such cases be annexed.
4.11 Whether there are any cases of non-recovery, excess
recovery or irregular deduction of advances from the salary of the member. If yes, please specify.
V Rate of interest:
5.1 Whether the interest declared by the Board of Trustees is
at par with or higher than that declared by the Central
Govt. If not, whether the employer has made good the deficiency to bring it upto the statutory limit. Furnish the
details
:
5.2 Mode of Credit of Interest in the members Account on Monthly Running Balance/Opening Balance or other
mode
:
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VI Investments:
6.1 Whether the Board of Trustees has invested
(within 2 weeks from the date of receipt of the said contributions) the monies of the provident
fund as per the directions of the Govt. from
time to time.
: Sr. No Wage
Month
Investible
Funds
Date of
receipt of
funds by the
BoT
Date of
Investment
Delay in days with
reasons
6.2 Total Invested Corpus as on 31st March,
20_____
:
6.3 Whether the entire amount received by the BoT from the establishment on account of EPF
Contributions, reduced by the obligatory payment made on account of
settlement/loan/advances/transfer-out etc. has
been invested as per the prescribed pattern of investment as notified vide notification dated
09th July, 2003. In case the Investment Pattern is not adhered to, the deviated
amounts liable for surcharge as provided in
condition no. 17 of Appendix-A annexed to Para 27AA of the EPF Scheme, 1952 may be
mentioned. Note: The Table below shall be suitably modified in accordance with the investment pattern notified by the Government.
:
Investment Pattern % amount invested during the year
Norm Reasons for deviation, if any
1 2 3 4
1) Central Govt. Securities Not less than 25%
2) State Govt. Securities Not less than 15%
3) Securities of Public Financial Institutions etc.
Not less than 30%
4) Private Sector bonds/securities
Not more than 10%
10
6.4 Whether all the investments in Corporate
Bonds in secondary market has been made through the authorized platform viz
*NSE/BSE/FIMMDA/MCX and has ensured clearing and settlement of trades through the
authorized clearing corporations i.e NSCCL &
ICCL as per the guidelines of the RBI & SEBI and no Off market/Off rate transaction in
secondary market has been carried out by the BoT. If yes, specify the transactions.
: Sr. No
Nomenclature of Investment
Face Value
Purchase Price
Deal Amount
Deal date as per Deal Note
Reasons as quoted by BoT for not reporting the transaction to NSDL
Maximum and minimum Rate of the investment as reported on the platform of NSE/BSE /FIIMDA
6.5 Whether on failure to invest as per the above
norm, the Board of Trustees separately and
jointly have been made liable to pay surcharge.
:
6.6 In case of investment pattern not adhered
the deviated amount worked out is as under
: Category of Investment
Minimum amount to be invested (Maximum amount in case of investment in Private Bonds)
Amount Invested
Amount Deviated
Amount liable for surcharge
6.7 Whether there is any mismatch between the
statement of holdings issued by the
NSDL/CSDL and that issued by the Depository Participant of the EPF Trust. The
details of investments not reflected in the statement issued by NSDL/CSDL may be
specified.
: Sr. No Nomenclature of
Investment
Face Value Purchase
Price
Deal Date Remarks
6.8 The comments on all the Deal Notes with
reference to off market/rate transaction in respect of the Secondary market investments
during the year be given.
:
6.9 Total amount retained for obligatory
outgoing/expenses at the end of the financial year.
:
6.10 Whether the amount retained for obligatory
expenses is reasonable and proportionate to
the amount required for claim settlement etc.
:
11
6.11 Whether the securities have been obtained in
the name of the Trust and in dematerialized (DEMAT) form. In case of default the details
be specified in the format.
: Sr.
No
Nomenclature of the Investment Title holder
6.12 Whether the Board of Trustees has maintained a script wise register and has
ensured timely realization of interest &
Maturity proceeds. If there is delay in receipt of maturity proceeds, the overdue interest
may be worked out in the format
: Sr. No
Nomenclature of the Investment
Face Value of the Investment
Interest Payment/Date of maturity
Date of lodging of claim in case of investment in physical form
Date of Receipt of the amount by the BoT
Delay in days
Overdue interest
6.13 Whether DEMAT account has been opened
through depository participants approved by RBI and Central Govt. in accordance with the
instructions.
:
6.14
6.15
Whether all the investments made like purchase of securities and bonds have been
lodged in the safe custody of Depository
Participants (DP)
Verify the financial health of Trust in accordance with the accounting standards
laid by ICAI. Attach a detailed status report.
:
:
6.16 Details of investment in Physical mode which could not be converted into De-mat mode,
due to non-allotment of ISIN number.
:
6.17 Whether the Board of Trustees while raising
sums of money for meeting obligatory expenses such as settlement of claims etc.
have taken prior approval of the RPFCs for premature sale/encashment of the securities
or other investments.
:
6.18 Is there any case of non-delivery of
contracted investment instruments/script. Furnish details.
:
12
6.19 Whether any case of securities/bonds which
could not be redeemed/encashed even after their date of maturity, if yes, complete details
thereof.
:
6.20 In case of any of the investment held by the BoT being rated/listed during the financial
year, and rating falling below the investment
grade and the same rating has been confirmed by two credit rating agencies,
whether the BoT has exercised option to quit. If yes, such cases may be specified.
:
6.21 Whether the mutual funds in which the BoT
has invested the money are of the prescribed Gilt Funds set up as dedicated funds for
investment in Government Securities and
approved by the Security and Exchange Board of India (in short SEBI).
: Sr. No
Name of the Mutual Fund Scheme.
Type of Fund
Amount Invested
*NAV as on date of Purchase
Option (Growth/Dividend Reinvestment/ Dividend Payout)
Details of approval of the Fund by SEBI
6.22
6.23
6.24
Whether the loss/profit on Mutual Fund has been booked on redemption/on the year end
or fall/rise in NAV as the case may be.
Whether any commission/incentive received
on the investments made, are being accounted for as miscellaneous income of the
Trust.
Whether the surplus income earned is being used only for the benefit of the members.
:
:
:
6.25 Whether the BoT has obtained the TDS
Certificates in respect of the investment where Tax has been deducted at source and
claim with the income Tax Authorities has been filed for refund of the TDS. In case the
claim has not been filed, the same may be specified.
: Sr. No
Assessment Year
Investment nomenclature
TDS amount
TDS Certificate Details
Details of claim filed by BoT for Refund.
13
6.26 Whether in case of membership of the Fund
of an employee being less than 5 years, the Tax has been deducted as per the Tax
Bracket of the member as provided under the Income Tax Act, 1961 ( Refer Rule 8 of Part
A of the Fourth Schedule of the IT Act. 1961)
:
VII Audit of Accounts:
7.1 Whether the accounts of the provident fund as maintained by the Board of Trustees are
audited annually by a qualified independent Chartered Accountant.
:
7.2 The date of submission of a copy of the auditors’ report alongwith the audited
balance sheet to the RPFC concerned.
:
7.3 Whether it is ensured that the same auditors
are not appointed for the two consecutive years and for not more than two years in a
block of six years.
:
7.4 Whether the Company has reported loss for three consecutive financial years or erosion
in the capital base thereby invoking condition
No. 25 of Appendix-A annexed to Para 27AA of the EPF Scheme, 1952.
:
7.5 Whether a show cause notice/proposal for
cancellation of exemption has been received
from appropriate Govt. for violation of conditions of para 27AA of the EPF Scheme,
1952.
:
7.6 Whether the establishment is registered with BIFR
:
14
7.7 Whether all commission, incentive, bonus or other pecuniary rewards given by any
financial or other institutions for investments made by the Trust have been credited to its
account. Furnish the details.
:
Nomenclature of Investment
Nature of incentive (Commission/bonus/pecuniary Reward)
Amount Date of credit
in the BoT
Accounts
7.8 Whether any loss has been caused to the
provident fund.
:
7.9 In case of losses to the BoT on account of defalcation, overpayment, wrong/fraudulent
payment, bad investment decision etc., whether it has been made good by the
employer and not from the reserve/surplus of
the EPF Trust. (In case of defalcation/fraudulent payment modus
operandi to be detailed.
: Particulars of losses Year Ended
31/03/20___
Previous Year
ended
31/03/20___
Loss on account of Junk Investment(No interest
and Maturity received)
Capital Loss on premature encashment of
investment for obligatory expenses
Fraudulent/Overpayment/Embezzlement/
Defalcation.
Interest Due but not received
Others (Please specify)
7.10 Complete details of the loss made
good/recouped by the establishment including amount, cheque/D.D. no. and date
of credit in the trust account.
:
7.11 Details of losses, if any, written off by the Board of Trustees
:
7.12 Whether all the expenses of the administration of the provident fund have
been borne by the employer. Furnish the details.
:
15
7.13 Whether there are any un-reconciled amounts. If yes, please specify.
:
7.14 A special note to be given on treatment of
investment whether it is marked to market or
amortised or booked on face value with profit and loss transferred to a separate proforma
account etc.
:
7.15 In case the Investment is booked at Cost and premium is amortized, the amount yet to be
amortized as on year ending is Rs.
_______________.
:
VIII
International Workers:
8.1 Whether appropriate amendment has been made in the PF rules in regard to International workers.
8.2 Whether compliance in respect of foreign passport holders is being made on full wages.
8.3 Details of COC obtained (outward) cases and compliance thereof in the PF Trust.
8.4 Details of COC exempted (inward) cases.
8.5 Details of COC overstayed cases, if any, and action thereof
8.6 Details of settlement of claims under the special provision, if any
16
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Others:
9.1 Whether all amendments to the EPF Scheme
which are more beneficial to the employees
than the existing rules of the establishment have been automatically made applicable
pending formal amendment of the rules of the Trust.
:
9.2
9.3
Whether any amendment of the rules has
been made by the employer without the
prior approval of the RPFC.
Whether there is any unclaimed or amount lying in forfeiture account PF amount with
the trust? If yes, the details thereof.
:
:
9.4
9.5
Whether Board of Trustees is reconstituted? If so when?
Number of disabled workers, PF
contribution (Employees share paid
by the employer).
:
(SIGNATURES, NAME & SEAL OF THE AUDITOR)
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