Admin Table of Contents
- 1 What points should be kept in mind while vouching the vouchers?
- 2 What are the points which auditor should keep in mind at the time of vouching?
- 3 What are the vouching of cash transactions?
- 4 What is vouching explain its features?
- 5 What are the point to be kept in mind by the auditor while verifying stock in trade?
- 6 What are the points kept in mind while auditing the charitable institution?
- 7 What are the basic steps in recording process?
- 8 What are the general points to consider while vouching cash transactions?
- 9 What should an auditor keep in mind while vouching payments?
- 10 What is the main aim of vouching?
What points should be kept in mind while vouching the vouchers?
Important Points Regarding Vouching
- Accuracy of transactions.
- Authenticity of transactions.
- Proper classification of accounts.
- Voucher should be properly numbered serially and arrangement of vouchers accordingly.
- Every checked voucher should be tick marked with sign.
What are the points which auditor should keep in mind at the time of vouching?
1. Check whether the vouchers are printed, numbered and arranged in the order of the date of occurrence of transactions. 2. The entries in the books of accounts should also be numbered and the number and date should correlate with the concerned voucher.
What are the points to be kept in mind while verifying the assets?
POINTS TO BE CONSIDERED IN VERIFICATION
- POINTS TO BE CONSIDERED IN VERIFICATION.
- Existence: The auditor should confirm that all the assets of the company physically exist on the date of balance sheet.
- Possession: The auditor has to verify that the assets are in the possession of the company on the date of balance sheet.
What are the vouching of cash transactions?
Vouching of Cash Payments (Credit Side of Cash Book) All the payment made to creditors, expenses incurred in cash and all other payments done appear on the credit side of cash book and the Auditor is required to vouch cash payments because chances of cash misappropriation are very high.
What is vouching explain its features?
Definition: Vouching is a procedure followed in the process of the audit to authorise the credibility of the entries entered in the books of accounts. In simple and easier words, it is a precise investigation of the presented documents of the firm by an auditor to check the correctness and accuracy of such documents.
What are the duties and responsibilities of auditor?
Duties of the Auditor
- Prepare an Audit Report.
- Form a negative opinion, where necessary.
- Make inquiries.
- Lend assistance in case of a branch audit.
- Comply with Auditing Standards.
- Reporting of fraud.
- Adhere to the Code of Ethics and Code of Professional Conduct.
- Assistance in an investigation.
What are the point to be kept in mind by the auditor while verifying stock in trade?
The auditor should examine the internal check system in operation. 2. He should study and make himself familiar with the stock taking system followed in the organization. He should also see whether the system is proper.
What are the points kept in mind while auditing the charitable institution?
Auditor should obtain list of members to verify the amount of subscriptions and list of regular donors to know the nature and purpose of donation of regular donors. Auditor should vouch the amount of subscription and donations from counterfoils of receipts, members list, donation register and cash book, etc.
What is the cash transaction?
A cash transaction is the immediate payment of cash for the purchase of an asset. Some market stock transactions are considered cash transactions although the trade may not settle for a few days. A futures contract is not considered a cash transaction.
What are the basic steps in recording process?
The usual sequence of steps in the recording process includes analysis, preparation of journal entries and posting these entries to the general ledger. Subsequent accounting processes include preparing a trial balance and compiling financial statements.
What are the general points to consider while vouching cash transactions?
The auditor should consider the following general points while vouching the cash transactions: 1. Internal Check System Before starting the vouching of cash book, the auditor should enquire about the internal check system in operation. If there is no well organized internal check system, there are lot of chances of misappropriation of cash.
How to vouch for cash transactions in audit?
The auditor should consider the following general points while vouching the cash transactions: Before starting the vouching of cash book, the auditor should enquire about the internal check system in operation. If there is no well organized internal check system, there are lot of chances of misappropriation of cash.
What should an auditor keep in mind while vouching payments?
An auditor should keep in mind the following special points while vouching payments:- Payment is properly authorized. Each worker is paid the correct amount. No fictitious names of workers are included.
What is the main aim of vouching?
The main aim of vouching is to inspect all receipts & payments are properly accounted for & no fraudulent transactions are recorded. Vouching is a substantive audit procedure to obtain evidence as to completeness, accuracy & validity. With the help of vouching auditor come to know the genuineness of the transactions.