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What Is audit ? Explain the inventory audit
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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 |
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