Forex Trading

Statistics – Standard Deviation

Standard deviation is the square root of the average of squared deviations of the items from their mean. Symbolically it is represented by σσ. We’re going to discuss methods to compute the Standard deviation for three types of […]

general

Auditing Tutorial

The main objective of auditing is to ensure the financial reliability of any organization. Independent opinion and judgement form the objectives of auditing. Auditing also helps to ensure that the books of accounts are kept […]

general

Auditing – Introduction

The origin of auditing can be traced to Italy. Around the year 1494, Luca Paciolo introduced the double entry system of bookkeeping and described the duties and responsibilities of an Auditor. Auditing in India has […]

general

Auditing – Basic Principles

Planning An Auditor should plan his work to complete his work efficiently and well within time. To plan work accordingly, an Auditor handles the following − Accounting system and policies. Internal control system of organization. […]

general

Auditing – Advantages

Following are the main advantages of auditing for different stakeholders − For the Owner and Shareholders Sole proprietor of a business and partners of firm can rely and depend on audited financial statements. Auditing is […]

general

Auditing – Limitations

Following are a few limitations of auditing − Rely on Experts − An Auditor has to rely on experts like engineers, valuers and lawyers for estimation and valuation of fixed assets and estimation of contingent […]

general

Auditing – Classifications

In this chapter, we will learn the various types/classes of Audit and their basis. The following table lists out the different types of audit. Basis Types Scope Specific Audit − Cash audit, Cost audit, Standard […]

general

Auditing – Audit Planning

Audit planning is required for an Auditor to conduct an effective and efficient audit. Target of audit planning should be about the following − Time budgets Recruitment of audit staff Schedule about date of audit […]

general

Auditing – Duties of Audit Staff

Supervisors Supervisors perform the following duties − Keep in touch with the audit staff. Assess and discuss the progress and completion of audit work. Take the Auditor’s advice on important issues. Rotate the duties of […]

No Picture
general

Auditing – Audit Evidence

Being a professional person, Auditor is expert in examining the books of accounts and financial statements of a concern. Auditor gives independent opinion about the books of accounts and the financial statements audited by him. […]

general

Auditing – Types of Evidence

In this chapter, let us understand the different types of evidence used in Auditing. Accounting System Accounting System of an organization must be reliable. On the basis of flow chart, the Auditor may come to […]

general

Auditing – Audit Techniques

Evidences are very important for an Auditor to form an opinion regarding financial statements. If Auditor fails to collect proper evidence, it will reduce the reliability of audit report. The method of collecting evidence is […]

general

Auditing – Internal Control

In this chapter, we will discuss how Internal Control works in Auditing. Internal Control system is one of the basic and essential factors for efficient and effective management. It covers the whole management system of […]

general

Auditing – Internal Audit

In this chapter, we will understand the concept of Internal Audit in Auditing. A team of experts reviews the procedures and operations of an organization and reports it to the management in cases such as […]

general

Auditing – Audit Sampling

These days, auditors may not go for detailed examination and verifications of records. With the introduction of efficient internal control system in organizations, Auditors pick selective portion of entries out of complete data for making […]

general

Auditing – Audit Vouching

Accounting entries made in the books must be supported by documentary evidence and inspection of that evidence is called vouching. The Auditor judges the authenticity, of the accounting entries using the technique of vouching. In […]

general

Auditing – Vouching of Ledger

We will start by discussing the types of ledger accounts and proceed to their verification and also the verification of other accounts. Personal Ledger Accounts All personal accounts are opened under this category. In big […]

general

Auditing – Audit Verification

Verification means the inspection of assets appearing in financial statements, whether the assets are according to legislation or not. Verification of assets and liabilities are done to confirm the following − Existence Ownership Proper valuation […]

general

Depreciation, Reserves and Provision

In this chapter, we will discuss auditing related to Depreciation, Reserves and Provision. We will proceed by discussing Depreciation and move on to discussing Reserves and Provision further. What is Depreciation? Value of depreciation reduces […]

general

Auditing – Capital and Revenue

In this chapter, we will discuss the Auditing of Capital and Revenue. It is essential to distinguish revenue expenses and capital expenditure to prepare correct financial statements. The absence of these will lead to misleading […]

general

Auditing – Audit of Hospitals

Maintenance of Accounts of Hospitals Being non-profit organizations, hospitals prepare Receipt & Payment account, Income & Expenditure account and Balance Sheet; following are various items that fall under income and expenditure in the hospitals. Main […]