Information pertaining to audit is presented to you in the most simplified way.
Computerised Audit is the use of computerised system to conduct audit in an efficient way. It uses technology to collect and gather data, conduct the audit operations and further reporting of the same. It refers to the use of computers to achieve audit objectives. It processes various financial transactions as per the generally accepted accounting principles.
Audit is an examination of accounting records, undertaken with a view to establishing whether the correctly and completely reflect the transactions to which they purport to relate. It is the systematic and critical examination and verification of the books of accounts.
WHAT IS A CONTINUOUS AUDIT? R.G. Williams says that continuous audit is one where the auditor or his staff is consistently engaged in checking the accounts during the whole period, or where the auditor or his staff, attend at regular or irregular intervals during the period. Advantages: Disadvantages:
What is a Financial Audit? Audit is an independent examination of the books of accounts undertaken by independent external auditors to check the accuracy, credibility,reliability of the financial statements. A financial audit is undertaken to examine the true and fair position of the organization. it is undertaken with the view that whether the stated financial … Read more
WHAT ARE AUDIT WORKING PAPERS? Definition of Audit Work Papers: Importance of Audit Working Papers: Classification of working papers: Working papers should be properly organised. All significant matters which require the exercise of judgement and analysis by the auditor should be included. The working papers collected or classified into two parts, a permanent and the … Read more
WHAT IS A STATUTORY AUDIT? Objectives of Statutory Audit: Advantages of a Statutory Audit: Disadvantages of a Statutory Audit:
WHAT IS AN INTERIM AUDIT? Objectives of Interim Audit: Advantages of Interim Audit: Disadvantages:
An audit program is the auditor’s plan of action in a written form or a document.
It is a sort of time table containing the sequence in which the auditor wants to verify the books of accounts of an entity and the time he or she allots to each operation.
