Results 1 to 7 of 7

Thread: Auditing Importance

  1. #1
    ashish_ken is offline Respected Members Respected MemberLoyal Member
    Join Date
    Jan 2007
    Posts
    46

    Default Auditing Importance

    1. Objects of an Audit OR
    Write Notes on Errors OR
    Write Notes on Frauds.

    2. What is Audit?
    What are Advantages of Audit

    3. What is Internal Control, Internal Check and Internal Audit?
    4. Suggest Internal Check system for “Purchases”
    5. Write Distinction Between Statutory Auditor and Internal Auditor
    6. Write Notes on Test Check
    7. Write Notes on Audit Programme (The answer Includes Advantages and Disadvantages)
    8. What is vouching (6marks)
    9. How you as an Auditor Will vouch Foll Transactions:
    - Travelling Expenses
    - Royalty
    - Underwriters Commission
    - Income tax Refund
    - Board Meeting Fees
    (do all from text book)
    10. What is Verification (6 Marks)
    11. How you as an Auditor Will verify foll Assets:
    - Stock in trade
    - Plant and Machinery
    - Sundry Debtors
    - Investments
    (do all from text book)
    12. Distinction Between Vouching, Verification and Valuation
    13. Write Notes on Capital and Revenue
    14. Explain with reason whether the foll. Transactions are capital or revenue (do all transactions from text book)
    15. What is Audit Report?
    What is Audit Certificate?
    Distinction Between Report and Certificate
    16. Write Notes on Liability of Auditor
    17. Reading of Ledger accounts (DO IT !!! FREE MARKS AT NO COST)
    18. What are Provisions under Companys act regarding Appointment and Removal of the Auditor?
    19. What are the Provisions under Companys act 1956 regarding Qualification and Disqualification of an auditor?
    20. Write Short Notes on:
    - Audit Note Book
    - Working Papers
    - True and Fair
    - Contingent Liabilities
    - Window Dressing

  2. #2
    ashish_ken is offline Respected Members Respected MemberLoyal Member
    Join Date
    Jan 2007
    Posts
    46

    Default How Do u Solve Reading Of Ledger Questions

    Q.
    Books of ABC Co. Ltd.
    Rajeshs a/c

    2006 2006
    June 5 To Sales a/c 24000 June 1 By Bal b/d 20000
    12 By Bank a/c 2800
    12 By Sales Return a/c 500
    12 By Discount a/c 700








    Solution:

    General Comments:
    Given account is Rajesh a/c in the books of ABC Co. Ltd. It is a PERSONAL ACCOUNT. Period covered by this account is from 1st june 2006 to 30th June 2006

    Comments on Individual transactions

    1. -

    (On 1st June 2006 ABC CO. has to pay Rs 20000 to Rajesh maybe on Account of Advance against Order)

    2. Rajesh a/c Dr. 24000
    To Sales a/c 24000
    (On 5th June 2006 ABC Co. Ltd has sold goods to Rajesh Of Rs 24000 on Credit)

    3. Bank a/c Dr. 2800
    To Rajesh a/c 2800

    (On 12th June 2006 ABC Co. Ltd has received a cheque of Rs 2800 from Mr. Rajesh)

    4. Sales Return a/c Dr. 500
    To Rajesh a/c 500

    (On 12th June 2006 ABC Co. Ltd has recd. goods of Rs 500 returned by Mr. Rajesh a Customer)

    5. Discount a/c Dr. 700
    To Rajesh a/c 700

    (On 12th June 2006 ABC Co. ltd has allowed a discount of Rs 700 to Mr. Rajesh a Customer)


    Conclusion:
    Rajesh is a customer or debtor of ABC Co. Ltd.
    Rajesh Paid Advance to the company against order.
    The Company also allowed a Discount to Mr. Rajesh.

  3. #3
    ashish_ken is offline Respected Members Respected MemberLoyal Member
    Join Date
    Jan 2007
    Posts
    46

    Default

    This is the All that u need to Know for AUditing!!!
    Sorry for the Distorted Ledger cant help it....it is obvious that By means on Cr. Side and To. Means on Dr. Side.

    ALL The Best

  4. #4
    Join Date
    Jul 2004
    Location
    Mumbai
    Age
    32
    Posts
    1,276

    Default

    Thanks Ashish for sharing the same, I am sure this is gonna help everyone
    Like us on Facebook | Follow us on Twitter


    -------------------------------------------------
    Please do not send queries through Personal Messages.

    Ask TY related queries here and Career related queries here

  5. #5
    Tanya is offline Respected Members Respected MemberLoyal Member
    Join Date
    Feb 2006
    Posts
    36

    Default

    hi ashish
    im from ide the formate u wrote is not sme as text book can we write this way

  6. #6
    ashish_ken is offline Respected Members Respected MemberLoyal Member
    Join Date
    Jan 2007
    Posts
    46

    Default

    Yes you can write it this way...atleast our sir has done it this way, so we are bound to do it this way.
    Only thing that you have to do is:

    1. The Comments for Individual entries should be written in columnar form.
    Make 2 columns.... Journal Entry - Comments
    2. The order of the Headings should be in the same order.

    I've heard abt the text book.
    The Text book for auditing is a bad place to be ...atleast now!
    Just do whatever i've given.

  7. #7
    Join Date
    Mar 2010
    Posts
    1

    Default One Question irrelevant

    Dear Ashish
    the Q which u said is called reading of ledger is alternatively called 'Scrutiny of Ledger Accounts'
    i would like to inform u dat this Q isnt der for d new syllabus i.e. not relevant for students appearing for april' 10
    other questions r gud n seem to be important
    thanx for sharing!
    Al d best to al of u!

Similar Threads

  1. Auditing Questions
    By ashish_ken in forum Queries !!!
    Replies: 10
    Last Post: 31-03-10, 09:59 AM
  2. MPP Importance
    By ashish_ken in forum User Contributions
    Replies: 17
    Last Post: 18-02-09, 03:25 PM
  3. Auditing Importance
    By deepak.560 in forum Queries !!!
    Replies: 0
    Last Post: 21-02-07, 08:12 PM
  4. Accounts n tax, n auditing !
    By bjwadekar in forum Queries !!!
    Replies: 0
    Last Post: 18-03-06, 09:55 AM
  5. importance of auditing
    By arpita304 in forum Queries !!!
    Replies: 0
    Last Post: 13-03-06, 12:24 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •