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FINAL AUDIT

FINAL AUDIT | DEFINITION | ADVANTAGES & DISADVANTAGES

What is Final Audit? Final audit is also known as a periodic audit. Final audit may be started after the closure of books of accounts at the end of the accounting year. It may be started towards the end of the accounting year and goes on until the completion after the end of the accounting year….

CONTINUOUS AUDIT

CONTINUOUS AUDIT | DEFINITION | ADVANTAGES & LIMITATIONS

What is Continuous Audit? An audit staff may carry audit work for the whole year with equal or unequal intervals. The large-scale companies require constant review of their business matters. The monthly or quarterly progress can be checked through audit There may be a declaration of dividend during the year. In this case, accounts are…

INTERIM AUDIT

INTERIM AUDIT | DEFINITION | ADVANTAGES & DISADVANTAGES

What is an Interim audit? It refers to an audit conducted on a particular date within an accounting period. In large-scale business concern, the performance may be checked for a particular part of the year. Depending upon the amount of work the auditor may check the figures of a month or a quarter. The verification…

TYPES OF AUDIT

TYPES OF AUDIT | INTERIM , CONTINOUS AND FINAL AUDIT

What are the types of Audit? Audit means checking the accounts prepared by others with a view to opinion. An auditor is appointed to go through the accounting and other records. He can submit his written report about the accuracy or books when legal and other formalities have been followed, The report may be clean….

BENEFITS OF INTERNAL AUDIT

BENEFITS OF INTERNAL AUDIT | LIMITATIONS OF INTERNAL AUDIT

What are benefits of Internal Audit? As we know that internal audit includes, amongst other things, examining, evaluating and monitoring the adequacy and effectiveness of the accounting and internal control systems. The various benefits of internal audit are discussed as below;- BENEFITS OF INTERNAL AUDIT The important benefits of internal audit are as under;- 1. PROPER ACCOUNTING…

FUNCTIONS OF INTERNAL AUDIT

FUNCTIONS OF INTERNAL AUDIT | IMPORTANT FUNCTIONS

What are the functions of Internal Audit? As we know that internal auditing is an appraisal activity established within an entity as a service to the entity. Although there are main objectives of Internal audit but there are various functions of internal audit which are discussed below. FUNCTIONS OF INTERNAL AUDIT The main functions of Internal…

OBJECTIVES OF INTERNAL AUDIT

OBJECTIVES OF INTERNAL AUDIT | IMPORTANT OBJECTIVES

What are the Objectives of Internal Audit? As we know that internal audit is a tool in the hands of management to compete in the business world by overcoming their weaknesses. There are various objectives of Internal audit which are discussed below. OBJECTIVES OF INTERNAL AUDIT The main objectives of Internal audit are as under;- 1….

INTERNAL AUDIT

INTERNAL AUDIT | DEFINITION | ESSENTIALS OF INTERNAL AUDIT

What is Internal Audit? Internal audit is an appraisal activity within an organization to review accounting, financial and other operations. Internal audit is a part of internal control. Internal audit is mandatory for listed companies in every country. The management wants to know the effectiveness of accounting and control system. The size of business changes…

INTERNAL CHECK

INTERNAL CHECK | OBJECTIVES & PRINCIPLES OF INTERNAL CHECK

What is Internal Check? An internal check is a part of internal control. It is concerned with staff duties so that a single person is not allowed to record every aspect of a transaction. The purpose is to prevent or disclose. errors and frauds/ One person automatically check the work of another person without duplication…

COMPONENTS OF INTERNAL CONTROL

COMPONENTS OF INTERNAL CONTROL | TECHNIQUES OF INTERNAL CONTROL

What are the components of internal control? As we know that that internal controls are procedures that ensure that transactions are recorded properly and everything is working as per management policies and plans. Let’s discuss in detail various components of Internal Control. COMPONENTS OF INTERNAL CONTROL          The various components of internal control are as under;-…

PRINCIPLES OF INTERNAL CONTROL

PRINCIPLES OF INTERNAL CONTROL | BASIC PRINCIPLES

What are the principles of Internal control? As e know that internal controls are procedures that ensure that transactions are recorded properly and everything is working as per management policies and plans. Let’s discuss in detail basic principles of Internal control. PRINCIPLES OF INTERNAL CONTROL The basic principles of Internal control are as follow;- SUFFICIENT STAFF:…

Internal Control

INTERNAL CONTROL | DEFINITION | OBJECTIVES OF INTERNAL CONTROL

What is Internal control? Internal control means all measures taken by the management to improve working efficiency, to protect the asset from misuse, to check reliability and accuracy or accounting record, and, to see that prescribed policies of the management are follower’. The management is responsible for establishing and maintaining system of internal control. The…