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Category: Audit

Vouching vs Tracing in Audit

by Ruchi GandhiPosted onJanuary 3, 2023January 3, 2023AuditLeave a comment on Vouching vs Tracing in Audit
Vouching vs tracing

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…

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What is a Special Audit? Its Need and Types

by Ruchi GandhiPosted onNovember 7, 2022November 22, 2022AuditLeave a comment on What is a Special Audit? Its Need and Types
Special Audit

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…

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What is meant by Cut-off procedures in Audit?  

by Ruchi GandhiPosted onNovember 2, 2022November 2, 2022AuditLeave a comment on What is meant by Cut-off procedures in Audit?  
Cut-off procedures in audit

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…

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What is an Interim Audit? Objective | Advantages & Disadvantages

by Ruchi GandhiPosted onOctober 12, 2022October 12, 2022AuditLeave a comment on What is an Interim Audit? Objective | Advantages & Disadvantages
Interim Audit

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,…

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All you need to know about the Reliability of Audit Evidence

by Ruchi GandhiPosted onSeptember 27, 2022September 27, 2022AuditLeave a comment on All you need to know about the Reliability of Audit Evidence
Reliability of audit evidence

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…

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An understanding of the Scope of Auditing

by Ruchi GandhiPosted onSeptember 24, 2022September 24, 2022AuditLeave a comment on An understanding of the Scope of Auditing
Scope of auditing

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…

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Detection and Prevention of Errors and Frauds in Auditing

by Ruchi GandhiPosted onSeptember 23, 2022September 23, 2022AuditLeave a comment on Detection and Prevention of Errors and Frauds in Auditing
Detection and prevention of errors and frauds

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…

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The evidence obtained by an auditor is persuasive rather than conclusive

by Ruchi GandhiPosted onSeptember 22, 2022AuditLeave a comment on The evidence obtained by an auditor is persuasive rather than conclusive
Persuasive rather than conclusive evidence

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…

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Types of Errors and Frauds in Auditing (with examples)

by Ruchi GandhiPosted onSeptember 21, 2022September 21, 2022AuditLeave a comment on Types of Errors and Frauds in Auditing (with examples)
Types of errors in auditing

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…

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Difference between Error and Fraud in Auditing

by Ruchi GandhiPosted onSeptember 20, 2022November 3, 2022AuditLeave a comment on Difference between Error and Fraud in Auditing
Difference between error and fraud

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…

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Audit plan Audit report Audit standards Case briefs Conditions & warranties Cost audit Differences Duress Internal controls Legal Intention M&A Objectives of Auditing Occupier's liability Offer and acceptance Tortious liability Undue influence

  • Vouching vs tracing
    Vouching vs Tracing in Audit
  • Auditor Consent Letter
    Auditor Consent Letter for Appointment and its Format
  • Special Audit
    What is a Special Audit? Its Need and Types
  • Cut-off procedures in audit
    What is meant by Cut-off procedures in Audit?  
  • Interim Audit
    What is an Interim Audit? Objective | Advantages & Disadvantages
  • Lee vs Lee Air Farming
    A case summary of Lee vs Lee’s Air Farming Ltd.
  • Reliability of audit evidence
    All you need to know about the Reliability of Audit Evidence
  • Difference between AGM and EGM
    What is the Difference between AGM and EGM?
  • Scope of auditing
    An understanding of the Scope of Auditing
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