Schedule III Compliance Checklist (Companies Act, 2013) — ICAI Audit Working Paper

The schedule iii compliance checklist (companies act, 2013) 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

5. Financial Reporting

Section

5.3

Format

Microsoft Word (.docx)

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Schedule III Compliance Checklist

1 July 2026

Schedule III (Division I – AS, Division II – Ind AS) prescribes the format of financial statements for companies under the Companies Act, 2013. This checklist tests compliance of the financial statements of {{client_name}} for the year ended {{period_end}} with the Schedule III requirements.

Indicate Yes / No / N/A and add references where applicable.

A. Balance Sheet — Equity and Liabilities

#	Disclosure requirement	Y / N / NA	Reference
A.1	Share Capital — separate disclosure of authorised, issued, subscribed and paid-up capital
A.2	Reconciliation of number of shares outstanding at the beginning and end of the year
A.3	Rights, preferences and restrictions attached to each class of shares
A.4	Shares held by holding / ultimate holding company and its subsidiaries / associates
A.5	Shareholders holding more than 5% of shares — name and percentage
A.6	Shares allotted as fully paid-up by way of bonus / for consideration other than cash / bought back — in the immediately preceding five years
A.7	Shareholding of Promoters at the end of the year and changes during the year — newly added in 2021 amendment
A.8	Other Equity — separate disclosure of: Securities Premium, General Reserve, Retained Earnings, Other Reserves, OCI components
A.9	Borrowings — secured / unsecured, current / non-current, with terms of repayment, security details and rate of interest
A.10	Borrowings from banks / FIs — whether quarterly returns / statements filed with banks / FIs agree with books of accounts (2021 amendment)
A.11	Wilful defaulter declaration — whether the company has been declared a wilful defaulter by any bank / FI (2021 amendment)
A.12	Trade Payables — ageing: Less than 1 year, 1–2 years, 2–3 years, More than 3 years; with MSME / Others split (2021 amendment)
A.13	Other Financial Liabilities — current maturities of long-term debt, interest accrued, etc.
A.14	Provisions — for employee benefits and other provisions
A.15	Contingent Liabilities and Commitments — disclosed in notes

B. Balance Sheet — Assets

#	Disclosure requirement	Y / N / NA	Reference
B.1	Property, Plant and Equipment — class-wise gross block, accumulated depreciation, net block with additions / disposals
B.2	Title deeds of immovable property not in the name of the company — disclosure in prescribed format (2021 amendment)
B.3	Revaluation — disclosure whether revaluation is based on valuation by registered valuer (2021 amendment)
B.4	Capital Work in Progress — ageing: < 1 yr, 1–2 yr, 2–3 yr, > 3 yr; with overdue / completion-status disclosure (2021 amendment)
B.5	Intangible Assets Under Development — same ageing as CWIP
B.6	Investments — non-current and current, with class-wise breakup, fair value disclosure under Ind AS 113
B.7	Trade Receivables — ageing: < 6 months, 6 months – 1 yr, 1–2 yr, 2–3 yr, > 3 yr; with undisputed / disputed split (2021 amendment)
B.8	Trade Receivables — split between Considered Good — Secured / Unsecured / Doubtful and Credit Impaired
B.9	Cash and Cash Equivalents vs. Bank Balances Other Than CCE — split as per Schedule III
B.10	Loans and Advances — split between Loans to Related Parties / Others; classification by security
B.11	Loans / advances granted to Promoters / Directors / KMPs and related parties — amount, percentage to total loans (2021 amendment)
B.12	Other Current / Non-current Assets — appropriate sub-classification

C. Statement of Profit and Loss

#	Disclosure requirement	Y / N / NA	Reference
C.1	Revenue from Operations — split into sale of products, sale of services, other operating revenue
C.2	Disaggregation of revenue from contracts with customers (Ind AS 115) — by type, geography, timing of transfer
C.3	Other Income — interest, dividend, net gain/loss on FX, gain on sale of investment, other miscellaneous
C.4	Cost of Materials Consumed — quantitative details and value (where applicable)
C.5	Employee Benefits Expense — salaries, contributions to PF/superannuation, share-based payments, staff welfare
C.6	Finance Costs — interest on borrowings, interest on lease liabilities, other borrowing costs, applicable EIR
C.7	Depreciation and Amortisation — separate line
C.8	Other Expenses — separate disclosure for each material item; payment to auditors (audit, tax, other services, reimbursement of expenses); CSR expenditure
C.9	Exceptional Items — separately disclosed below profit before exceptional items
C.10	Tax Expense — current tax, deferred tax, MAT credit, tax adjustments of prior years
C.11	EPS — Basic and Diluted, with disclosure of numerator and denominator

D. Cash Flow Statement (where applicable)

#	Disclosure requirement	Y / N / NA	Reference
D.1	Operating, Investing and Financing activities — separately classified
D.2	Non-cash items adjusted in operating activities
D.3	Cash and cash equivalents — reconciliation to balance sheet figure
D.4	Restricted cash / earmarked balances — disclosed separately

E. Notes — General

#	Disclosure requirement	Y / N / NA	Reference
E.1	Significant accounting policies disclosed in line with Ind AS 1 / AS 1
E.2	Standards issued but not yet effective — disclosure of impact assessment
E.3	Related-party disclosures — names of related parties, transactions, balances and material terms
E.4	Segment reporting — Ind AS 108 / AS 17 disclosure
E.5	Earnings in foreign currency / Expenditure in foreign currency / Imports / Dividend remitted in foreign currency
E.6	Ratios — Current Ratio, Debt-Equity, Debt Service Coverage, Return on Equity, Inventory Turnover, Trade Receivables Turnover, Trade Payables Turnover, Net Capital Turnover, Net Profit Ratio, Return on Capital Employed, Return on Investment — with reason for variance > 25% YoY (2021 amendment)
E.7	Utilisation of borrowed funds and share premium — declaration on no benami transactions, no funds advanced to / received from Intermediaries (2021 amendment)
E.8	Crypto / virtual currency disclosure — profit/loss on transactions, holdings and deposits / advances (2021 amendment)
E.9	Undisclosed income surrendered or disclosed under tax assessment — disclosure (2021 amendment)
E.10	Compliance with the number of layers of subsidiaries — Companies Restriction on Number of Layers Rules, 2017 (2021 amendment)
E.11	Disclosure of any Scheme of Arrangement approved under Section 230–237 (2021 amendment)
E.12	Disclosure of struck-off companies — relationship with companies whose names have been struck off (2021 amendment)
E.13	Registration of charges or satisfaction with ROC — disclosure for delays beyond the statutory period (2021 amendment)
E.14	Events occurring after the reporting period — disclosure under Ind AS 10 / AS 4

Conclusion:

Based on the items ticked above, the financial statements of {{client_name}} for the year ended {{period_end}} comply with the disclosure requirements of Schedule III (including the 2021 amendments). Items marked as 'No' have been highlighted to management and either corrected before sign-off or, where unresolved, considered in the audit opinion.

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What’s inside

An excerpt from the template.

Schedule III (Division I – AS, Division II – Ind AS) prescribes the format of financial statements for companies under the Companies Act, 2013. This checklist tests compliance of the financial statements of ___ for the year ended ___ with the Schedule III requirements.

Indicate Yes / No / N/A and add references where applicable.

A. Balance Sheet — Equity and Liabilities

B. Balance Sheet — Assets

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

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