Understanding Operational Audit Operational audit is related to the activities in the functional areas; The policies and actual operations are compared and evaluated under operational.audit. The end result
Role of Auditors in examining Sales Ledger While examining the sales ledger, the auditor should make note of the following. 1. If the customer makes part payments, then
If a company commits any mistake in recording the share transfer, it may be faced with the liability of paying heavy damages to the affected shareholders. Therefore, it
The following are some of the differences between revenue reserves and provisions. Refer this article, Audit of Provisions | Duties of Auditor to know more about provisions audit.
What is provision? Give Example. A provision is a charge against profit and it is not appropriation of profit. A provision is debited to profit and loss a/c.
Who fixes remuneration of various Auditors? The person or persons who appoint the auditor fix his remuneration – 1. When an auditor is appointed by the Board of
Vouching – Important Points to be considered by Auditors An Auditor should consider the following features in vouching while verifying vouchers. 14 important points are listed below. 1.
Role and Responsibilities of Auditors in Inventory Valuation Auditors play an important role in valuation of inventories. Their responsibilities in physical verification of inventories, Records verification, Valuation and
Appointment of First Auditors 1. Appointment by Board of Directors 1. Within one month from the date of registration of the company, the first auditor or auditors may
What is a Continuous Audit? When the accounts are audited throughout the year by the audit staff under the guidance of the auditor, it is called continuous audit.