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It has been pointed out that an audit originally confined to ascertain whether the accounting party had properly accounted for all receipt & payments o be half his principal, was in fact merely a cash audit. But the object of the modern audit, although it includes the examination of cash transaction its ultimate aim the verification of the financial position disclosed by the balance sheet and the profit and loss or revenue account of the undertaking.
It must not be inferred from the above definition that the whole duty of auditor is to compare balance sheet and accounts with the books in order to see that they agree therewith. He must do this but the must also by the exercise of reasonable skill and diligence, satisfy himself that the books themselves contain a proper record of the transaction entered into. This will involve a more or less complete examination of the whole of the transaction of the business and the manner in which they are recorded.
Maeve Christiansen
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What is the nature of auditing in a company?
The nature of auditing is such that, the auditor will later on appear in his capacity as a critic of book-keepers work,may have a great morale effect and thus prevent a cashier or book-keeper from embezzling money.This morale effect has prevented theft in many cases and is a more powerful point in favour of auditing.
What is the Difference Between Financial and Operational Auditing?
harnessing energy,improving industry,air pollution,changing values,modestication of nature
What has the author J Donald Warren written?
J. Donald Warren has written: 'Handbook of Accounting and Auditing' 'Continuous auditing' -- subject(s): Auditing, Internal, Internal Auditing
What has the author Vivian R V Cooper written?
Vivian R. V. Cooper has written: 'Manual of auditing' -- subject(s): Auditing 'Student's manual of auditing' -- subject(s): Auditing
What is meant by auditing?
auditing is a review process,usually of accounting procedures
What is Auditing practices and methodology of firms?
What is Auditing practices and methodology of firms?"
How auditing begins where accounting ends?
Auditing begins where Accountancy ends.
When was Central Auditing Organization created?
Central Auditing Organization was created in 1942.
What is the first step in auditing access to a NTFS folder?
enable login auditing
What did the Auditing Standards Board do in response to the Treadway Commission report?
The Auditing Standards Board (ASB) of the AICPA issued ten new auditing standards in 1988.
What is the default mechanism for auditing remote access connections?
global object access auditing
What is the definition of auditing?
Auditing is the examination and evaluation of financial statements to check financial accuracy.
