Finance Cost Audit Working Paper — ICAI Audit Working Paper

The finance cost audit working paper working paper from ICAI AASB's Audit Working Paper Templates (June 2023). Pre-stamped with your firm letterhead, editable in Word.

Free · ICAI AASB (June 2023)

Updated 28 May 2026

Source

ICAI AASB (June 2023)

Chapter

3. Execution

Section

3.13

Format

Microsoft Word (.docx)

Your firm — letterhead

Appears at the top of the document as the audit firm letterhead.

Audit firm name

Audit firm address

Used as the letterhead block.

Engagement partner

ICAI membership no.

Firm registration no.(optional)

Engagement details

The client and period this document is for.

Client / company name

Period ended

The financial year-end this engagement covers, e.g. 31 March 2026.

Date of letter

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Finance Cost Audit Working Paper — ICAI Audit Working Paper

29 May 2026

(Following draft may be used as an example)

Background:

Finance Cost of XYZ Company Private Limited India consists of:

Interest Expense on
Unwinding of discount on decommissioning provision
Lease Liability
Interest on External Commercial Borrowing (ECB)
MSMED
Local Borrowings
Exchange Differences arising from foreign currency borrowings to the extent that they are regard as an adjustment to Interest Cost

Procedures Planned:

Obtain decommissioning working and verify the same.
Obtain Ind AS 116 working along with the rent agreements.
Obtain Loan repayment schedule and interest schedule along with the supporting for the same.
MSME interest computation
Obtain interest schedule.
Obtain and verify the schedule with the loan agreements.
Obtain the forex fluctuation working and verify the same.

Procedures done:

Obtained and verified that the unwinding of decommissioning provision has been made in accordance with Ind AS 116.
Obtained and verified that the interest expense has been computed in accordance with Ind AS 116 working.
Obtained the loan repayment schedule.
Verified the interest schedule for ECB and reperformed the calculations.
MSME interest computation working verified.
Obtained interest schedule and reperformed calculations for interest computation.
Verified the schedule with the loan agreements and sanction letters.
Interest rates considered during the year verified from the syndicative interest rates issued by the banks and forex fluctuation working verified.

Conclusion:

On the basis of audit procedure, we reach to a conclusion that nothing adverse was observed for auditors to write any significant observation.

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What’s inside

An excerpt from the template.

Finance Cost of XYZ Company Private Limited India consists of:

Interest Expense on
Unwinding of discount on decommissioning provision
Lease Liability
Interest on External Commercial Borrowing (ECB)
MSMED

Obtain decommissioning working and verify the same.
Obtain Ind AS 116 working along with the rent agreements.
Obtain Loan repayment schedule and interest schedule along with the supporting for the same.
MSME interest computation
Obtain interest schedule.

Obtained and verified that the unwinding of decommissioning provision has been made in accordance with Ind AS 116.
Obtained and verified that the interest expense has been computed in accordance with Ind AS 116 working.
Obtained the loan repayment schedule.
Verified the interest schedule for ECB and reperformed the calculations.
MSME interest computation working verified.

↑ Excerpt only — the full template is what you download as Word

About this template

What you’re downloading, and when to use it.

This template follows the format published by the Institute of Chartered Accountants of India (ICAI) in the AASB Audit Working Paper Templates (June 2023), the authoritative reference for Indian statutory-audit documentation. Fill in your firm’s letterhead and the engagement details on the form above, click Download Word file, and you’ll get a fully formatted .docx ready to use.

Everything is generated in your browser and on a stateless API endpoint — no account, no email gate, nothing stored. Edit freely in Word, Google Docs or Pages before sending to your client.

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