Answer Posted / latha
Audit means verification of accounts for a perticualr
period like financial year 2003-04, or 2004-05, or 2007-08
like this.
vouching plays an important & first role in verification of
account, in audit first step is vouching, then compare
vouchers to cash book, should be find any mis entries...
then cash should be compared with bank stmt.... after all
primary steps trial balance should be prepare, after should
be seen or verify about ledgers, where all ledgers are
created under correct headrs or not, all groups, ledger -
overall view.
after all accounting proceedure, Receipt & Payment Account
should be prepared & based on that Balance sheet should be
there
Balacne sheet is a last & final step in auditing,
Once the balance sheet is prepared, signed & submitted
means audit is completed
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