Some of the most frequently asked exam questions on internal check and internal control auditing functions are follows: Q.1. Discuss the importance of internal control and internal auditing functions in an organisation. Ans. The Statutory Auditor (cost auditor or financial auditor) in forming his opinion on cost and financial information needs reasonable assurance that the accounting system is adequate, that [...]
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 [...]
In this article we will discuss about:- 1. Introduction to Internal Control and Internal Checking System 2. Features of Internal Control and Internal Checking System 3. Systems Audit as a Tool of Internal Control 4. Management Audit 5. Auditor's Position 6. Internal Controls and/or Checks in Relation to Particular Groups of Transactions. Introduction to Internal Control and Internal Checking System: [...]