Auditing

Published on February 2017 | Categories: Documents | Downloads: 47 | Comments: 0 | Views: 326
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Auditing
Divyajyoti Chauhan

AUDITING


Auditing is a process of collection and evaluation of evidence for the purpose of reporting on economic information

ORIGIN


Audit is derived from Latin word

AUDIRE


Means to

HEAR

Definition


Auditing is a systematic examination of the books & records of a business organisation in order to ascertain or verify and report upon facts regarding its financial operations and results thereof.

Scope of auditing


   

To determine whether the relevant information is properly disclose or not. Carrying out test & enquires Evaluating results To determine fairness & authenticity of financial reports Covers all aspects of organisation.

Objectives of auditng


Main objectives
 Expression

of expert opinion

Secondary objectives


Detection & prevention of


Errors


Clerical errors




Error of omission  Partial omission  Complete omission Error of commission

  

Error of principal Compensating errors Errors of duplication



Frauds
  

Embezzlement of cash Misappropriation of goods, accounts Fraudulent manipulation

Specific objects
 

Operational audit Performance of management policy.

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