Tag: audit
Auditing
What is Material Information? If an information given in the financial statements and other statements annexed thereof, influences the decisions taken by the user, such information is said to …
Guidelines for Auditors
Documents to be Verified in Vouching of Directors Remuneration An auditor should verify the following documents while vouching directors remuneration. 1. The agreements with managing directors. 2. The approval …
Guidelines for Auditors
What is a Goodwill? Goodwill is an intangible asset. It is the value of the reputation of the firm It enables the firm to earn more than the normal …
Audit Procedure
What is Efficiency Audit? Efficiency audit is much broader in its scope. The scholars express two distinct views on this subject. According to one school of thought, the principal …
Guidelines for Auditors
What is Test Checking? Test checking in Audit means checking a few transactions selected at random from a large number of transactions. It is also known as “Selective Verification” …
Guidelines for Auditors
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 work …
Business Management
What is Management Audit? Management audit is a systematic evaluation of the functioning performance and effectiveness of management of an organization. It a thorough-going, critical and constructive review of …
Guidelines for Auditors
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. In …
Audit Procedure
Verification and Valuation of Liabilities and Guidelines for auditors Verification of liabilities is equally important as that of verification of assets. The Balance Sheet will reveal the true and …
