Who fixes remuneration of various Auditors? The person or persons who appoint the auditor fix his remuneration – 1. When an auditor is appointed by the Board of
Vouching – Important Points to be considered by Auditors An Auditor should consider the following features in vouching while verifying vouchers. 14 important points are listed below. 1.
Role and Responsibilities of Auditors in Inventory Valuation Auditors play an important role in valuation of inventories. Their responsibilities in physical verification of inventories, Records verification, Valuation and
Appointment of First Auditors 1. Appointment by Board of Directors 1. Within one month from the date of registration of the company, the first auditor or auditors may
What is a Continuous Audit? When the accounts are audited throughout the year by the audit staff under the guidance of the auditor, it is called continuous audit.
What is Management Audit? Management audit is audit of the management. It is similar to operational audit in several aspects. However, management audit concentrates more on the inefficiencies
Hotel audit In hotel business, usually the internal control procedure tends to be weak and ineffective. Therefore, the auditor should carefully evaluate the effectiveness of internal control system
Receipts to verify in Cinema Audit The following are the receipts for a cinema hall: Cash collected through sale of tickets. Charges collected for advertisements, slides and short
Internal Audit and Independent Financial Audit comparison The following table lists some of the comparisons between Internal Audit and independent Financial Audit in terms of Objectives, Evaluation of