Auditing is a detailed examination of the financial reports of an organization Or, Auditing can be defined as the accumulation and evaluation of pieces of evidence to determine the conformity between the financial statements and the authorized criteria. There are three main types of audits: External audits: These audits are commonly performed by Certified Public … Read more
We are presently moving on to have an effect on the substantive testing or verification side of the audit. the primary steps inside the time structure of Associate in Nursing audit: • Acceptive the appointment • Planning, recording, dominant the audit • Analysis of internal controls • Testing the controls By this stage, the auditor … Read more
Audit planning means developing a strategy and making a detailed approach for the expected record, time of the audit. The auditor prepares himself to perform the audit effectively and perfectly. The development of audit: The following points should be given importance while preparing an audit− Auditor availability Plan to be discussed with other Auditors The … Read more
Hospitals are non-profit organizations, that maintain receipts and keep records of a payment account, Income account, Expenditure account. There are many ways of income to hospitals as donations, room rent, medical care, laboratory charges, physiotherapy charges, etc. The auditing of hospitals is very important due to the following reasons: The donation the hospitals receive from … Read more
Auditing is a work of precision and accountability. It provides vision and foundation to a business, by giving the following advantages: 1. Transparency and the big picture: Audited accounts allows to reveal that the Profit and Loss Account and record of the business shows a real and honest read of the state of affairs of … Read more
Audit Evidence are the data collected and recorded by the auditor during the course of their audit to review and verify the various financial transactions of the firm. Audit evidence many be collected according to the type of audit performed in the company. They are one of the most reliable sources to make judgements on … Read more
Sole properties are a person who trades on his own or we can say solely he is not bound or the trader himself doesn’t have any obligation to keep an auditor for his accounts he himself is answerable to his accounts. The trader himself manages and controls business and he is able to maintain his … Read more
Under the Indian Partnership Act 1932, there is no forcible law or any obligations for partnership firm to appoint an auditor for the keeping of the accounts and as per Income Tax Act, 1961 tax audit of partnership, the firm is mandatory if the turnover exceeds Rupees One Crore in case of business and Rupees … Read more
Auditing is a very vast concept regarding tallying, accounting and verifications of the accounts so this is very commonly used by every entrepreneur or a businessman to be audited every month. Regarding audits clubs and theater is a big business and their contribution to the development and employment which has bigger turnovers needs auditor and … Read more
The charitable institution may be private, public, or both of private and public or society. In India, there are many charitable institutions providing services to needy people without any discrimination, the company’s or firms donate a large amount of money to these charitable institutions. To ensure whether the money is used incorrect purpose, the conduction … Read more