Vouching vs Tracing: Vouching and tracing are both techniques used by auditors to verify the accuracy of a company’s financial records, but they involve reviewing…
An audit that has a narrow focus and only examines one particular aspect of an organization’s operations is called a special audit. This kind of…
Sometimes the sales and purchases figures are altered towards the year-end. Cut-off errors arise when companies recognize revenue and purchases based on the date on…
As the name indicates, an interim audit is done for an interim period, i.e., a period of less than complete 12 months. In this blog,…
Audit Evidence and its reliability: Audit evidence is the foundation based on which an audit is done. During the course of an audit, an auditor…
Auditing and its scope: Over time, the scope of auditing has expanded. Earlier, auditors were expected to only check the arithmetical accuracy of accounts. But…
The role of an auditor is crucial in judging the accuracy and authenticity of financial records. When auditors verify the books of an entity, they…
We all know that audit safeguards the financial interests of those who are not directly associated with a company’s management such as shareholders, creditors, and…
The basic duty of an auditor is to examine the books of account and relevant documents so that he can report on the financial condition…
Error and Fraud in Audit: You must be knowing that the primary objective of an audit is to express an opinion on the truthfulness and…