Using Special Ticks in Auditing While auditing the books of accounts of a business, often auditor uses a variety of distinctive ticks or symbols to indicate that a particular
Services of Internal Auditor to Management The services of an Internal Auditor to the management on various lines are summarized below. 1. New Business Lines The internal auditor
Purchase returns Sometimes, goods purchased are returned back to the suppliers for various reasons such as goods are not as per sample, inferior quality of the goods, etc.
Views of ICAI on Joint Audit If the size of the organization is very large, two or more chartered accountants may be appointed as Joint Auditors. ‘Statements on
Objectives of Share Transfer Audit The main objectives of the share transfer audit are as below: 1. Checking or preventing clerical errors. 2. Preventing the improper issue of
Liabilities of an auditor for negligence If a person suffers a loss or damage due to professional negligence of the auditor, an action can be initiated by such
Verification of General Ledger The cash book, purchase book, sales book, sales return book, Purchase returns book are to be totaled periodically and the summary is posted in
Receipts to be verified during Hospitals audit The following are the various receipts a hospital may receive: 1. Grants from Government 2. Aids and grants from outside India
What are Impersonal ledgers? Impersonal ledgers are also called General Ledgers or Nominal Ledgers. They are of two types such as Nominal Accounts and Real Accounts. Nominal accounts
Guidelines for auditors in Verification of Creditors 1. The postings in purchase ledger are to be checked by verifying the books of prime entry. The postings may be