Detection and Prevention of Errors
Errors of Principle When principles of book-keeping and accountancy are not followed such an error is error of principle. For examples Treatment of revenue expenditure as capital expenditure or vice […]
Basic Principles Governing an Audit
Auditing is a systematic and scientific procedure of inspection of the financial statements of an organization. And like any scientific procedures, the audit also has certain principles and rules that […]
Limitations of Auditing
Rely on Experts An Auditor has to rely on experts like engineers, valuers and lawyers for estimation and valuation of fixed assets and estimation of contingent liabilities. Efficiency of Management […]
Accounting and Auditing
Accounting and audit have a pivotal role to play in the financial record keeping process of any business though their roles are different in their focus. While accounting translates to […]
Audit Procedures
Audit procedures are used by auditors to determine the quality of the financial information being provided by their clients, resulting in the expression of an auditor’s opinion. The exact procedures […]
Audit Planning
The audit planning is a major part of audit works for both internal and external audits. A good audit planning will help the auditor to minimize its risks, improve audit […]
Special Auditing Techniques
Audit techniques stand for the methods that are adopted by an auditor to obtain evidence. Evidences are very important for an Auditor to form an opinion regarding financial statements. If […]
Voucher of Cash and Trading Transactions
Vouching of cash receipts (debit side of cash book) We will discuss the cash receipt which are placed on the debit side of cash book for following items: (i) Opening […]
Disclaimer of Opinion
A disclaimer of opinion is a statement made by an auditor that no opinion is being given regarding the financial statements of a client. This disclaimer may be given for […]
