Concept Of Auditing Pdf
Inquiry is one of the audit procedure performed by the auditor. In respect of work divided, each joint auditor is responsible only for the work allocated to him.
Download Other files in Exams category. It provide more meaningful comparison between financial statements of different enterprises. It implies that a judgement of a person is not sub ordinates to the wishes of another person who might have engage him or to his own self interest. So it is request to all of you to first read your modules and practise manuals and then the above notes. You can change your ad preferences anytime.
Remember Me Forgot Password? Visibility Others can see my Clipboard. Audit evidences are more reliable when i it is obtain from independent source outside the entity. Auditors could not give clean report on the basis of zerox copies. Because of the uncertainties inherent in business activities, some financial statement items can only be estimated.
It provide evidence about the performance of any procedure and process. If all documents are to be taking by the income tax authority then auditor require true copies of certified by the income tax department.
Download Notes of Basic Concepts in Auditing file in pdf format
In some cases response provide a basis for the auditor to perform additional auditing procedures. Working papers are retained long enough, transform theory pdf for a time sufficient to meet the need of practice. Judgements regarding materiality is depend upon the circumstances and also affected by the size or nature of the auditor or both.
Notes of Basic Concepts in Auditing
Basic concepts in auditing. Basic Concepts on Auditing. The concept of materiality is applied by the auditor both in planning and performing the audit.
Evaluating responses is an integral part of an enquiry. Show related SlideShares at end.
You just clipped your first slide! For some accounting estimates there may be relatively high estimation E. It would be helpful to reader of financial statements if they are disclosed ay one place.
Responses might provide different information which is not obtained earlier by the auditor. Are you sure you want to Yes No. Certain areas of audit work which is not divided for which Basic concepts in auditing Notes all joint auditors are responsible. The users will rely on the opinion only when he is convinced about his independence. Let us grow stronger by mutual exchange of knowledge.
Clipping is a handy way to collect important slides you want to go back to later. Now customize the name of a clipboard to store your clips. Audit working papers are records for the auditor in respect of audit carried out by him. How much of audit evidences are required to be generated is depend upon the risk of assessment regarding material misstatement. It provide audit evidence of varying degree of reliability, depending on their source and nature.
Three fundamental accounting assumptions are i Going Concern ii Consistency iii Accrual. All the best for your exams. The dark mark paragraphs are important.
Substantive procedures are performed to check completeness, accuracy and validity of transactions and balances. The choice of the accounting policies is responsibility of the management. It includes obtaining information from knowledgeable persons both financial and non financial from within the entity and outside the entity. SlideShare Explore Search You. In respect of some matters the auditor may consider it necessary to obtain written representation from management and where appropriate from those that charge with governance.
The chartered accountant is not known personally to the third parties who relies on opinion given by him. It may be noted that where the financial statements of the company do not comply with accounting standards then the company should disclose the deviation and the reason behind such deviation.
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