Audit Report for Year 2023-24

Audit Overview:

The financial audit of Powersutra for the year 2023-24 was conducted in accordance with the highest standards of financial reporting and compliance. The audit report confirms that the company’s financial statements reflect a true and fair view of its financial performance and position.

Audit Findings:

1. Financial Statements Accuracy: The audit confirmed that the financial statements for 2023-24 accurately present Powersutra’s financial position as of March 31, 2024. There were no significant discrepancies or errors identified in the revenue, expenditure, or asset reports.

2. Internal Controls: Powersutra’s internal control systems were found to be effective in managing financial risk and ensuring compliance with accounting standards. There were no material weaknesses in the company’s internal control environment, and the financial records were well-maintained throughout the year.

3. Revenue Recognition: Revenue recognition practices were in line with industry standards, ensuring that all sales transactions were recorded when risks and rewards transferred to customers. No issues were found with the timing or accuracy of revenue reported.

4. Tax Compliance: Powersutra has fully complied with all relevant tax regulations, and there are no outstanding tax liabilities. The company has successfully filed all corporate tax returns, and there are no pending audits or inquiries from tax authorities.

Audit Recommendations: 

• Enhance Cost Management: The audit recommends focusing on further cost optimization, particularly in raw material procurement. Powersutra should explore more opportunities to negotiate better terms with suppliers to reduce production costs while maintaining high-quality standards.
• Financial Reporting Transparency: The audit suggests enhancing the transparency of financial reporting, especially in cash flow management. Better visibility into the cash flow cycle would help Powersutra manage working capital more effectively.

Conclusion: 

The audit for 2023-24 has confirmed that Powersutra maintains strong financial health and operational integrity. With robust internal controls, accurate revenue reporting, and compliance with tax regulations, the company is well-positioned for continued growth and success in the coming year.