Internal Control Scope: It comprises the whole system of Controls, financial or otherwise, established by the management for conduct of business. It ...

Balance Sheet audit: Balance Sheet audit is a limited audit in which all. the Balance Sheet items are verified viz, assets, liabilities, balance of reserve ...

Difference between Continuous Audit and Balance Sheet Audit are given below: Continuous Audit: Nature: Here the auditor or his staff is, constantly ...

The effect of disadvantages listed above may be minimized by adopting certain safeguards as follows: The auditor can guard himself against tempering of ...

Advantages of Continuous Audit Continuous audit is useful in : Early detection of frauds and errors : Detailed and exhaustive checking of accounts leads to ...

According to Spicer and Pegler, "a final or completed audit is commonly understood to be an audit which is not commenced until after the end of the financial ...

The different types of errors in context of accounts are as follows: Errors of Principle: When principles of book-keeping and accountancy are not ...

The perception of auditor's duty with regards to detection and prevention of frauds and errors was initially based on the decision given in Kingston Cotton ...

Only the Chartered Accountants can be appointed as auditor of a limited company. He must have adequate skill and qualities to conduct his ...

Statutory Audit. As its name indicates, statutory audit is that audit which has been made compulsory by the statute therefore, law. For example, audit has been ...

The objectives of auditing maybe classified into two categories: Primary or main objects.Secondary or subsidiary objects. Primary or Main Object of an ...

Generally errors are the result of carelessness on the part of the person preparing the accounts. Errors may of the following types: Errors of ...