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Meaning: STRENGTHS: Strengths are equivalent to assets of the organisation. It is an inherent capacity by which the organisation gets a competitive advantage. They represent the strongest aspects of the organisation. Strengths are the elements wherein the organisation is expert at. These are the factors responsible for the steady success of the organisation. For example: … Read more
Meaning: Objectives of Business: Types of business organizations: There are innumerable forms of business organization each one with its distinctive features, advantages and disadvantages. 1. Sole proprietorship 2. Hindu undivided family business 3. Partnership 4. Limited Liability Partnership 5. Company
WHAT IS DEMAND IN MANAGERIAL ECONOMICS? WHAT ARE THE DETERMINANTS OF DEMAND? 1. Price: The price of any given commodity determines its demand to a great extent. Consumers prefer to purchase a product in relatively large quantities when price of a product is less and purchase a product in small quantities when price of a … Read more
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 ARE ACCOUNTING STANDARDS? Definition of Accounting Standards: Objectives of Accounting Standards: Advantages of Accounting Standards: Disadvantages of Accounting Standards:
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
Insurance is an important economic tool to manage risks and to maintain a good ratio of risks and rewards. It is a financial hedging instrument.
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.
