In this article we will discuss about the vouching of various transactions for auditing purpose:- 1. Petty Cash Book 2. Cash Sales 3. Underwriting Commission on Shares 4. Purchase of Investments 5. Dividends from Investments 6. Sale of Investments 7. Rent from Immovable Properties 8. Sale of Scraps 9. Income Tax Refund 10. Bad Debts Realised 11. Wages 12. Buildings [...]
In this article we will discuss about the internal check system of auditing for various transactions:- 1. Cash Sales 2. Credit Sales 3. Cash Purchases 4. Credit Purchases 5. Wages Sheet Preparation 6. Payment of Wages 7. Discounts and Rebates to Customers 8. Sales Returns 9. Settlement of Claims against Suppliers 10. Cash Receipts 11. Cash Payments 12. Petty Cash [...]
The liability of a statutory auditor may be charted as under: 1. Contractual Liability: The Statutory Auditor is liable for nonfulfillment of the terms and conditions of an agreement between him and the company who appoints him. He may be held responsible under the Contract Act 'in failing to perform the duties' as laid down in agreement. In the absence [...]