What Is audit ? Explain the inventory audit
Answers were Sorted based on User's Feedback
Answer / radhika j
Audit is sytamatic checking of the finacial record wuth the
help of some documentry proof. Inventory audit is the
records shown in the books of accounts & physical inventory
should match and tally
Is This Answer Correct ? | 5 Yes | 1 No |
Answer / ca. nirmal singh
As per ICAI " Auditing is the systematic & independent
examination of the data, records, statements, operations,
performances of an enterprise for the stated purpose".
Is This Answer Correct ? | 4 Yes | 0 No |
Answer / arshad acca
Auditors can not check each and every single transaction of accounts.Audit is to verify the financial accounts and give audit opinion.
inventory audit : is to ensure that auditors have applied control and substantive procedure(physically seen the inventory to ensure it exists)in order to match the inventory with the books.
Is This Answer Correct ? | 2 Yes | 0 No |
Answer / anushree sawant
Audit means verification of Accounting data
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / hemanshu
It means checking and verification of such documents /
inventory which is posted earlier by authorities who
approved by management.
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / srikant barick
Audit is the systematic & finalized cheking of accounts of
transaction with supporting documents of the organization
Is This Answer Correct ? | 0 Yes | 0 No |
what is the accounting
when does closing stock shown in trial balance?
Can an auditor undertake an audit of a Receipts and Payments Account?
Every firms has audit firms to audit their accounts but who will audit an auditing firm?
Why should we have three Accounting Principles(personal, real & nominal) instead of one
Whether the term loan which was long term as on Mar-11, but now it is short term due to its repayment within one year from the reporting period. Whether it should be classified as short term borrowings or other current liabilities as per Revised schedule VI.
what do we carry audit
If the supplier is register in tax department,but he is not charging vat, what is the reason, get me as soon as possible,
if there is PPF (SAVINGS ) GIVEN IN THE TRIAL BALANCE UNDER THE HEADING CAPITAL THEN WHERE WILL ITS EFFECT BE ??
What is audit trail in siebel?
how many types of auding report?
When does contruction company issues C Form to their supplier in case of CST Purchase.