In this article we will discuss about various internal control questionnaires for audit areas. 1. Purchases and Creditors: At purchase department: 1. (a) Is the department separate and organised centrally? (b) Is it independent of Receiving and Accounts departments? 2. (a) Are purchases made only from approved? Suppliers? If so, is there any list? If not, why not? (b) Is [...]
Here is an essay on ‘Auditing’ for class 11 and 12. Find paragraphs, long and short essays on ‘Auditing’ especially written for school and college students. 1. Essay on Auditing: (Components of an Audit) The above flowchart represents the major components of an audit in a highly condensed form. The preparation of audit working papers necessary to document the evidential [...]
Some of the most frequently asked exam questions on audit of different institutions are as follows: Q.1. Why Balance Sheet Audit carried out in banks only? Ans. The Banking Company Regulation Act, 1949 provides that a banking company cannot engage in any business other than banking business. Banking business is entirely different from other business which may involve purchase and [...]