Who can be appointed as an Auditor? Only a qualified Chartered Accountant within the meaning of the Chartered Accountants Act, 1949 can be appointed as an auditor. However,
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
Auditor duty in verification of Outstanding Liabilities At the close of the year, there may be some outstanding liabilities for expenses, which must bring into accounts to arrive
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
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
Details of Contingent Liability to be shown in Balance Sheet As per Schedule VI the following liabilities should be shown as footnotes in balance sheet 1. Claims Against
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
Advantages of Audit Programme The benefits of a well designed audit programme can be outlined as follows: 1. Assignment of responsibility is made easier since each job or