What Is audit ? Explain the inventory audit
- 7 Answers
- 8629 Views
- I also Faced
- E-Mail Answers
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 are the basic steps to be taken by an auditor in order to express an opinion on client’s financial statements.
what is GSP . Pls clear it
how to calculate differ tax?
purchase price of property purchased within last 3 years is to be relied upon not and not on revalued amount for the purpose of loan against properties.
how two calculate capital a/c
what is audit
What is final audit?
what supporting documents do we vouch to for sales, purchases, receivables, payables, sales cutoff, and liabilities cutoff?
Can we take credit of service tax in manufactruring companies & what is the procedure
charity comes under which ledger group
Classify the following accounts into Personal Account, Real Account & Nominal Account. Questions Answers 1. Furniture Account 2. Salaries Account 3. Outstanding Wages Account 4. National Trading Co. Ltd’s Account 5. Stationery Account 6. Prepaid Insurance Account 7. Capital Account 8. Interest Account 9. Building Account 10. Purchase Account 11. Cash Account 12. Bank Account 13. Sales Account 14. Commission received in Advance Account 15. Discount Account 16. Drawing Account 17. Loan Account 18. Mysore Store’s Account 19. Repairs to Machinery Account 20. Stock Account 21. Investment Account 22. Loose Tools Account 23. Bangalore Sports Club’s Account 24. Loss of Goods by Fire Account 25. Motor Vans Account 26. International Trader’s Account 27. Goodwill Account 28. Depreciation Account 29. Bad Debts Account 30. Bad Debts Recovered Account 31. Bank Overdraft Account 32. Book Debts Account 33. Purchases Returns Account 34. Sales Returns Account 35. Postage Account 36. Charity Account 37. Carriage Account 38. Rent Account 39. National College’s Account 40. Bills receivable Account 41. Bills Payable Account
12 Answers Bisleri, Income Tax,
hi friend i have selected in ssc cgle as accountant in audit department. can anyone tell about the work of accountant in audit department?
Audit 
