Vouching of Forward Purchases – Procedure, Guidelines to Auditor In certain businesses, forward contracts are made for future purchase of raw materials at a fixed price. Such deals
Vouching of Wages – Audit Procedure and Guidelines to Auditors The vouching of payment of wages is an important duty of an auditor. There are many chances of
Concepts of Government Audit Government audit is applicable to Government departments and departmental undertakings. Government of India maintains a separate department known as Accounts and Audit Department. Comptroller
Inspection of Minute Books of Meetings Every company must record the minutes of all proceedings of general meetings, meetings of the Board of Directors, or of every committee
Introduction Auditing is primarily concerned with the verification and examination of the accounting data. The auditor should give his opinion on the financial statements. Before giving any opinion,
Vouching of Consignment Sales A separate day book and ledger are to be maintained for the details of goods sent out on consignment The auditor should verify the
Role of an Auditor in vouching Payment of Income Tax The auditor should verify whether it is advance tax, self assessment tax or final payment of tax. 1.
Concepts of Cost Audit The Companies Act empowers the Government to direct specified class of companies to maintain records relating to cost. The cost records of such companies
Vouching Sale of Fixed Assets An auditor has to verify the following documents while auditing Sale of fixed assets. 1. Fixed asset register. 2. Sale Agreement. 3. Statement
Vouching of Loan Received An auditor has to verify the following documents while auditing loans received. Documents to be verified: 1. The loan agreement. 2. The sanction ticket