A lot of steps were engaged in recording the accounting transactions in the conventional manual system of accounting. A huge amount of information can be fetched in very less time in the present-day business scenario without spending a lot of workforce and resources. Thus, the labor of recording and presenting accounting transactions are performed by … Read more
This law has recently made about the audit of management as previously it is not mandated for management to keep an auditor and this is new in auditing. Management is that area that is beyond conventional audit as it reveals every aspect of the overall performance of management which includes planning, organizing, coordination, and control. … Read more
Internal control is the framework designed, planned and implemented by the management and the personnel of any company to provide accuracy and assurance of financial statements of the company, compliance of laws and regulations of the company. It is mostly decided by an entity’s Board of directors and management of the company. Objectives of Internal … Read more
Internal check basically refers to the duties of staff arranged in a manner that work performed by one person is evaluated and independently checked by someone else. Unless an organization has internal check system, accuracy of records and documents can not be evaluated. It is utmost important to have internal check system in an organization. … Read more
This chapter explains the concept of internal audit in auditing. In big organizations where the business operations takes place from various locations with the workforce of thousand employees, a team of experts review the procedures and operations of an organization and report it to the management in cases such as non-compliance, lack of control and … Read more
It is crucial to tell apart revenue expenses and cost to arrange correct money statements. The absence of these will lead to misleading results where no one can conclude anything. As per this principle, revenue items should be posted in the Trading and Profit & Loss Account and the capital item should be posted in … Read more
Documentary evidence and inspection of that evidence supports the accounting entries that are made in books. This is known as vouching. By using the technique of vouching, the auditor decides the originality of the accounting entries. The auditor has all motives to feel uncertain about fraud or errors or any other kind of manipulation in … Read more
An auditor while performing audit forms opinion regarding financial statements through the proper collection of evidences, the methods of collecting evidences is called Audit Techniques. They are the tools by the help of which auditor supports his opinion to be submitted to the client regarding his organization. Below mentioned are some important audit techniques: Vouching– … Read more
Now- a- days, the auditors do not pursue accurate and specific examination and verifications of the records. The auditors can select the specific portions of entries out of the whole data for making out the conclusion on the whole data with the help of the dynamic internal control system in the organizations. In the initial … Read more
The hotel business is one of the most leading businesses and contributing an abundance of employees and job opportunities. There are so many facilities provided by the hotel to its customers nowadays as they generate their income by rent hotel rooms, laundry, swimming pools, restaurants and marriage halls and many more areas for any particular … Read more