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Conflict with others: - Auditor may have differences of opinion with
the Accountants, management, engineers etc. In such a case
personal judgement plays an important role. It differs from person to
person.
Effect of inflation : - Financial statements may not disclose true
picture even after audit due to inflationary trends.
Corrupt practices to influence the auditors :- The management
may use corrupt practices to influence the auditors and get a
favourable report about the state of affairs of the organisation.
No assurance :- Auditor cannot give any assurance about future
profitability and prospects of the company.
Inherent limitations of the financial statements :- Financial
statements do not reflect current values of the assets and liabilities.
Many items are based on personal judgement of the owners. Certain
non-monetary facts can not be measured. Audited statements due to
these limitations can not exhibit true position.
Detailed checking not possible :- Auditor cannot check each and
every transaction. He may be required to do test checking
What else can I help you with?
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 Auditing practices and methodology of firms?
What is Auditing practices and methodology of firms?"
What is meant by auditing?
auditing is a review process,usually of accounting procedures
How auditing begins where accounting ends?
Auditing begins where Accountancy ends.
What is the first step in auditing access to a NTFS folder?
enable login auditing
When was Central Auditing Organization created?
Central Auditing Organization was created in 1942.
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 definition of auditing?
Auditing is the examination and evaluation of financial statements to check financial accuracy.
What is the default mechanism for auditing remote access connections?
global object access auditing
What has the author James Roth written?
James Roth has written: 'Four approaches to enterprise risk management' -- subject(s): Auditing, Internal, Internal Auditing, Risk management, United States 'Adding value' -- subject(s): Accounting, Auditing, Internal, Internal Auditing, Value added 'Control model implementation' -- subject(s): Auditing, Internal, Case studies, Internal Auditing
What has the author Jeffrey Ridley written?
Jeffrey Ridley has written: 'Cutting Edge Internal Auditing' 'Cutting edge internal auditing' -- subject(s): Internal Auditing
