Tag Archives | Audit

2 Main Objectives of Audit | Company | Auditing

The following points highlight the two main objectives of audit. The objectives are: 1. Confirmation of Accounts 2. Detection of Errors and Frauds. Objective # 1. Confirmation of Accounts: The need for some outside and independent agency to check transactions on behalf of shareholders and other owners of capital have already been discussed in Art. 2b. Thus, the primary object [...]

By |2017-06-20T20:11:52+00:00June 20, 2017|Objectives|Comments Off on 2 Main Objectives of Audit | Company | Auditing

Commencing a New Audit of a Company | Auditing

Before proceeding with a new audit the auditor should obtain the following infor­mation and take the following steps which would help proper checking of accounts: Step # 1: In the case of a company, see that the appointment of the auditor is legally valid according to provi­sions of the Companies Act, verify records of the company and obtain certified true [...]

By |2017-06-20T20:11:51+00:00June 20, 2017|Company|Comments Off on Commencing a New Audit of a Company | Auditing

Classification of Audit | Company | India | Auditing

In this article we will discuss about the classification of audit:- 1. Financial Audit 2. Non-Financial Audit 3. Social Audit 4. Environmental Audit 5. Safety, Health and Environment (SHE) Audits. Category # 1. Financial Audit: There may be three broad classes of financial audit based on: (a) Legal or other authority for audit, (b) Periodicity of audit, and (c) Nature [...]

By |2017-06-20T20:11:51+00:00June 20, 2017|Classification|Comments Off on Classification of Audit | Company | India | Auditing
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