Some of the most frequently asked exam questions on investigation and audit of a limited company are as follows: Q.1. Enumerate the circumstances under which the Central Govt. may order 'investigation' of a limited company. Ans. The Companies Act., 1956, under its Section 237, states the specific circumstances when the Central Government may order for investigation into the affairs of [...]
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 accounting system is adequate, that [...]
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 Realised 11. Wages 12. Buildings [...]