Archive | Auditing

Internal Control and Internal Check | Organisation | Auditing

Some of the most frequently asked exam questions on internal check and internal control auditing functions are follows: Q.1. Discuss the importance of internal control and internal auditing func­tions in an organisation. Ans. The Statutory Auditor (cost auditor or financial auditor) in forming his opinion on cost and finan­cial information needs reasonable assurance that the […]

Vouching of Different Transactions | India | Auditing

In this article we will discuss about the vouching of various transactions for auditing purpose:- 1. Petty Cash Book 2. Cash Sales 3. Underwriting Commission on Shares 4. Purchase of Investments 5. Dividends from Investments 6. Sale of Investments 7. Rent from Immovable Properties 8. Sale of Scraps 9. Income Tax Refund 10. Bad Debts […]

Internal Check System for Various Transactions | Auditing

In this article we will discuss about the internal check system of auditing for various transactions:- 1. Cash Sales 2. Credit Sales 3. Cash Purchases 4. Credit Purchases 5. Wages Sheet Preparation 6. Payment of Wages 7. Discounts and Rebates to Customers 8. Sales Returns 9. Settlement of Claims against Suppliers 10. Cash Receipts 11. […]

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