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Difference between verification and valuation as per audit basis?
verification is nothing but the existence, ownership & title of assets where as valuation is the correct value of the assets & liabilities at the date of the balance sheet
What is the difference between Audit and Inspection?
Dear Friends, I would like to answer the question as below: Inspection is an observation. Inspection is to examine closely any equipment or facility. It may be formal(with a plan and a check-list) or informal.Examples: 1. Inspection of a Fire Tender with a checklist for its operability, worthiness of its fire water pump , fire monitor etc.2. Inspection of the tank shell for finding any deformity, thinning etc. Audit is a process of evaluation and to measure performances that is based on Standards & Guidelines, identifies the compliance & non-compliance based on Standards and is neutral. There are three types of audit namely: 1) Legal Compliance Audit 2) Internal Standards Audit 3) System Audit Audit is the verification of a Process, a System or a Procedure. Examples:1. Audit of Firewater pump house. 2. Audit of a Process Plant 3. Audit of Quality Control Laboratory. Here the systems and processes are verified with respect to a documented procedure. Thus the audit of a quality control laboratory will involve the verification of the existence of the quality control procedure, sampling procedure, reporting procedure etc. Learn more about the difference between a home inspection and energy audit by visiting: http://jimbushart.wordpress.com/2012/06/14/difference-between-the-home-inspection-and-the-energy-audit/
What is Cost Audit?
The verification of cost records and accounts, and a check on adherence to prescribed cost accounting procedures and their continuing relevance.Cost audit refers to the detailed checking of the costing system, the techniques used and the accounts to verify their accuracy. It also ensures that the company is adhering to the objective of cost accountancy.
How audit is done for an Educational Institution?
Audit of educational institution is done in the same manner as other institution the difference is only that evidence we will look for is different for eg. in case of business there are sale and purchase related vouchers and transaction whereas in case of schools or colleges there are vouchers and transaction related to collection of fees payment of salary to teachers and other staffs.In case of educational institution audit wa mainly have to focus on the verification of assets like bench desk chair etc. Purposes and process of audit is same but the documents and evidence are same.
Difference between audit plan and audit program?
an audit program may contain several audit plans
An examination and verification of claims submitted by a physician is known as what?
An examination and verification of claims submitted by a physician is known as an audit.
Difference between verification and valuation as per audit basis?
verification is nothing but the existence, ownership & title of assets where as valuation is the correct value of the assets & liabilities at the date of the balance sheet
What are the objectives of stocktaking?
It is a physical verification of the quantities and condition of items held on the business premises. Can be used as part of a company audit. In some industries the stock take will be used to inform the inventory figures to ensure an accurate measure of stock in hand.
What is system auditing?
A system audit is an audit made throughoutÊthe computer system to determine the significance of their effectiveness and to recommend improvements. It is an audit of a system or subsystem against system requirements in order to show conformity or nonconformity to the system.Ê
What are the release dates for Conan - 2010 Audit at Physical Point 2-124?
Conan - 2010 Audit at Physical Point 2-124 was released on: USA: 2 August 2012
How often will you do physical verification of stock with book figures?
once in a month
What is the difference between Audit and Inspection?
Dear Friends, I would like to answer the question as below: Inspection is an observation. Inspection is to examine closely any equipment or facility. It may be formal(with a plan and a check-list) or informal.Examples: 1. Inspection of a Fire Tender with a checklist for its operability, worthiness of its fire water pump , fire monitor etc.2. Inspection of the tank shell for finding any deformity, thinning etc. Audit is a process of evaluation and to measure performances that is based on Standards & Guidelines, identifies the compliance & non-compliance based on Standards and is neutral. There are three types of audit namely: 1) Legal Compliance Audit 2) Internal Standards Audit 3) System Audit Audit is the verification of a Process, a System or a Procedure. Examples:1. Audit of Firewater pump house. 2. Audit of a Process Plant 3. Audit of Quality Control Laboratory. Here the systems and processes are verified with respect to a documented procedure. Thus the audit of a quality control laboratory will involve the verification of the existence of the quality control procedure, sampling procedure, reporting procedure etc. Learn more about the difference between a home inspection and energy audit by visiting: http://jimbushart.wordpress.com/2012/06/14/difference-between-the-home-inspection-and-the-energy-audit/
What is Cost Audit?
The verification of cost records and accounts, and a check on adherence to prescribed cost accounting procedures and their continuing relevance.Cost audit refers to the detailed checking of the costing system, the techniques used and the accounts to verify their accuracy. It also ensures that the company is adhering to the objective of cost accountancy.
What is an audit trail and what is its purpose?
An audit (financial or non-financial) therefore indicates detailed examination and verification of an account, a situation or a state. Given this definition, the application of an audit varies from financial audits to marketing audits; from fire safety audit to statutory refulations requirements audit(like ISO, HAACP etc). Very large scale audits include an audit of the city. The purpose of carrying out the audit varies. In the case of a fire safety audit, we are ensuring environmental safety. In the case of an annual financial audit, the primary purpose of its existence is the protection of stockholders in publicly traded What is the purpose of an audit. To this end, my reply is that the purpose of an audit is to verify and examine in detail if there is accuracy in information. However, the type of audit being carried out may have a deeper underlying purpose which is being addressed. Specifically, the purose of an audit is to perform an independent assessment of an action, function, or system, in order to determine the effectiveness of that action, function, or systems ability to control risk.
What is difference between inspection and auditing?
Dear Friends, I would like to answer the question as below: Inspection is an observation. Inspection is to examine closely any equipment or facility. It may be formal(with a plan and a check-list) or informal.Examples: 1. Inspection of a Fire Tender with a checklist for its operability, worthiness of its fire water pump , fire monitor etc.2. Inspection of the tank shell for finding any deformity, thinning etc. Audit is a process of evaluation and to measure performances that is based on Standards & Guidelines, identifies the compliance & non-compliance based on Standards and is neutral. There are three types of audit namely: 1) Legal Compliance Audit 2) Internal Standards Audit 3) System Audit Audit is the verification of a Process, a System or a Procedure. Examples:1. Audit of Firewater pump house. 2. Audit of a Process Plant 3. Audit of Quality Control Laboratory. Here the systems and processes are verified with respect to a documented procedure. Thus the audit of a quality control laboratory will involve the verification of the existence of the quality control procedure, sampling procedure, reporting procedure etc. Learn more about the difference between a home inspection and energy audit by visiting: http://jimbushart.wordpress.com/2012/06/14/difference-between-the-home-inspection-and-the-energy-audit/
What is the origin of term audit?
The term "audit" originated from the Latin word "audire," which means "to listen." In ancient Rome, auditors were individuals who were entrusted to listen to and verify financial records. Over time, the term evolved to refer to the examination and verification of financial records and processes for accuracy and compliance.
Differences between IS Audit nad Traditional Audit?
what is the differences between IS Audit and traditional Audit?
