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Audit - 91. page

ADVANTAGES OF AN INDEPENDENT AUDIT

ADVANTAGES OF AN INDEPENDENT AUDIT : The fact that audit is compulsory by law, in certain cases by itself should show that there must be some positive utility in it. […]

BASIC PRINCIPLES GOVERNING AN AUDIT

BASIC PRINCIPLES GOVERNING AN AUDIT : SA 200 “Basic Principals Governing an Audit”, describes the basic principles which govern the auditor’s professional responsibilities and which should be complied with wherever […]

Auditing and Assurance Standards Board – ICAI

Auditing and Assurance Standards Board – ICAI : The International Federation of Accountants (IFAC) came into existence in 1977 and constituted International Auditing Practices Committee (IAPC) to formulate International Auditing […]

Standards on Auditing

Standards on Auditing : Standards on Auditing prescribe the norms of principles and practices, which the Auditors are expected to follow in the conduct of Audit. They provide minimum guidance […]

OBJECTIVES OF AUDITING

OBJECTIVES OF AUDITING : The objectives of auditing may be classified into two parts: 1. The primary objective 2. The secondary or incidental objective. Primary Objective – The primary objective […]

SCOPE OF AUDITING

SCOPE OF AUDITING : Audit scope determines the time involved in audit exercise, depth of auditing, aspects to be covered etc. Audit scope depends on nature of audit, objectives of […]

EVOLUTION OF AUDITING

EVOLUTION OF AUDITING : The term audit is derived from the Latin term ‘audire,’ which means to hear. In early days a person used to listen to the accounts read […]

DEFINITIONS OF AUDITING

DEFINITIONS OF AUDITING : It is a bit difficult to give a precise definition of word audit in a word or two, originally its meaning and use was confined merely […]

FEATURES OF AUDITING

FEATURES OF AUDITING : 1. Audit is a systematic and scientific examination of the books of accounts of a business; 2. Audit is undertaken by an independent person or body […]