What is an Annual Audit or Periodical Audit? A final or completed audit is commonly understood to be an audit which is not commenced until after end of
Guidelines for Verification of Bills Receivable by Auditor An auditor should adopt the following procedure while verifying bills receivable. 1. The auditor should verify Bills Receivable Book with
Guidelines for Verification of Book debts by Auditor While verifying book debts, an auditor should follow the following procedure. 1. The auditor should obtain the list of debtors
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
What is a Balance Sheet Audit? Verification of all items included in the balance sheet combined with the examination of related income and expenses accounts is known as
The information to be disclosed with respect to each item in balance sheet is discussed below. Share Capital Share capital should be shown under the following heads in
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
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
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.
Issue of Bonus Shares The issue of bonus shares refers to a good method of capitalizing huge profits or reserves with the company, However, the company may capitalize