Audit - 90. page

Procedure of issuing auditing standards : 1. The Auditing and Assurance Standards Board identifies the areas where auditing standards need to be formulated and the priority in regard to their […]

INTERNATIONAL AUDITING STANDARDS : International Auditing standards are issued by the International Auditing and Assurance Standards Board (IAASB). IAASB is a body of International federation of accountants (IFAC). It is […]

HARMONIZATION OF INDIAN AUDITING STANDARDS WITH INTERNATIONAL AUDITING STANDARDS : The Institute of Chartered Accountants of India (ICAI) is a founder member of the International Federation of Accountants (IFAC). It […]

MATERIALITY IN AUDITING : Materiality is a concept or convention within auditing and accounting relating to the importance/significance of an amount, transaction, or discrepancy. The objective of an audit of […]

AUDITING STANDARD : Auditing standards refers to the code of best practices/procedures which an auditor is expected to follow during an audit to ensure consistency of findings. The auditing standard […]

AUDIT AND INVESTIGATION DISTINGUISHED 1. Legal binding: Audit of annual financial statements of a company is compulsory under the Companies Act, 1956. However, Investigation is not compulsory under the Companies […]

Scope of investigation : No general principle can be laid down with regard to the scope of every type of investigation. Scope of investigation, in each case, would be limited […]

Reasons for carrying out investigation : The real objective of conducting an investigation by an auditor on behalf of his client is to provide him the desired information in the […]

INVESTIGATION : Investigation is an exercise which is carried out with a specific objective. The investigation means in-depth analysis of books of accounts, transaction, and event. Investigation exercise is voluntary […]

TRUE AND FAIR VIEW : The main object of audit is to find out whether the financial statements prepared by a company show the true and fair view of the […]