Category: Auditing
Auditing
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, the …
Audit Procedure
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 following. …
Audit Procedure
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. In …
Auditing
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 include …
Audit Procedure
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 of …
Audit Procedure
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 issued …
Audit Procedure
Vouching of Collection from Debtors The auditor should examine the following while auditing Collection from debtors. 1. Copies of sales invoice. 2. Statement of accounts received from debtors. 3. …
Audit Procedure
Vouching of Income from Investments Some companies would have invested large amounts in shares, securities, deposits and scrips. They may maintain separate investment registers recording the details of each …
Guidelines for Auditors
What is a Resource Audit? Audit conducted to understand the strengths or weaknesses of the resource base of a firm is called a resource Audit. In other words, the …
Auditing
Disadvantages of Continuous Audit In spite of many advantages of continuous audit, it has certain drawbacks, which are discussed as under. 1. Alteration of Figures In case of continuous …
