Archive | Auditing

Propriety Audit: Concept and Requirements

After reading this article you will learn about Propriety Audit:- 1. Concept of Propriety Audit 2. Propriety Requirements and Propriety Elements of Reporting in the Indian Company Law. Concept of Propriety Audit: Propriety audit may be defined as ‘Audit concerning the decisions of the executives, with an emphasis on public interest, financial discipline, basically to […]

Social Audit: Concept and Objectives

After reading this article you will learn about Social Audit:- 1. Concept of Social Audit 2. Objectives of Social Audit. Concept of Social Audit: Although no unanimous definition has yet been evolved, the term Social audit, in its simple sense, may be defined as the audit of the social responsibilities that should have been discharged […]

Difference between Internal Audit and Statutory Cost Audit

This article will help you to differentiate between Internal Audit and Statutory Cost Audit. Difference # Internal Audit: A. Scope: 1. (a) The work of audit under the system is mainly performed by the employ­ees, i.e. internal staff of the company. (b) The work can be done by any person having training and skill on […]

Operation Audit: Concept and Objectives

After reading this article you will learn about Operation Audit:- 1. Concept of Operation Audit 2. Objectives of Operation Audit. Concept of Operation Audit: William Leonard describes operational auditing as a comprehensive and constructive review of organisational structure or components thereof, i.e. method of operation and use of physical facilities’. Operational Auditing is essentially a […]

Operation Audit: Concept and Objectives

After reading this article you will learn about Operation Audit:- 1. Concept of Operation Audit 2. Objectives of Operation Audit. Concept of Operation Audit: William Leonard describes operational auditing as a comprehensive and constructive review of organisational structure or components thereof, i.e. method of operation and use of physical facilities’. Operational Auditing is essentially a […]

Difference between Internal Auditor and Cost Auditor

This article will help you to differentiate between Internal Auditor and Cost Auditor. Before a general discussion on the matter is made it should be pertinent to note that an internal auditor: (i) Is an employee of the company, (ii) Has to be loyal to the company by responding to the uses and requirements of […]

Circumstances Leading to Development of Management Audit

This article throws light upon the eight major circumstances leading to development of management audit. The circumstances are: 1. The Size, Scale and Complexity 2. Need to Improve Productivity 3. Granting Financial Subsidy 4. Take-Over Bids 5. Societal Need 6. Need for Periodical Check-Up 7. Foreign Collaboration 8. Equity Participation. Circumstance # 1. The Size, […]

Management Audit: Definition, Meaning and Fundamental Concepts

After reading this article you will learn about Management Audit:- 1. Definition of Management Audit 2. Meaning & Concept of Management Audit 3. Fundamental Concepts 4. Scope and Process. Definition of Management Audit: There is no general agreement as to the precise meaning of the term: Management Audit…… The term has been defined differently by […]

Notes on Management Audit Criteria

This article provides notes on Management Audit Criteria. The management functions are fundamentally of two types—qualitative and quantitative. Even if quantitative criteria or standards are identifiable or determinable and auditable, the qualitative aspects are difficult to audit. With respect to Management Audit, the objective is to identify for management the typical problems the company faces […]

Management Auditor: Qualities and Functions

After reading this article you will learn about Management Auditor:- 1. Qualities of a Management Auditor 2. Functions of a Management Auditor. Qualities of a Management Auditor: A management auditor should have the following specific qualities: (i) Ability to understand and gauge business problems. (ii) General understanding of the organisation. (iii) Expert knowledge on the […]

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