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what is audit
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Answer / sreedhar reddy
audit means properly checking of the internal fiancial
records of the company.to know the mistakes,misuse of the
money, material.To find out the internal crimes of the
employes.
The audit may do 2 types
1. internal audit
2. external audit
internal audit do by the internal staff of the company
external audit done by the qualified person means who had
done his c.a
| Is This Answer Correct ? | 56 Yes | 12 No |
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
| Is This Answer Correct ? | 69 Yes | 33 No |
Answer / chirag p bhatt
The word Audit is derived from the latin word "audire"
which means to hear. An Audit means systematic &
independent examination of financial statments which have
examined till date. An auditor's Primary objective is to
express an opinion on true & fair view of financial
statments & not to detect fraud & errors
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| Is This Answer Correct ? | 20 Yes | 6 No |
Answer / mohammed hassan
audit can be define as official examination of accounting
books or record of fincial stand of an institution or
cooperate organisation.
| Is This Answer Correct ? | 13 Yes | 8 No |
Answer / nitin kumar
An audit audit is an examination of the company financial
statements by an independent audit consist of a searching
investigation of the account records and other evidence of
the financial statement in the companny
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / jewel
auditing means: analyze a company financial report.
| Is This Answer Correct ? | 5 Yes | 2 No |
Answer / sandhya shetty
An audit is an accounting procedure under which the
financial records of a company or individual are closely
inspected to make sure that they are accurate.
There are two primary types of audit: internal audits and
independent(external)audits .
Regardless as to the type of audit, it should be assumed
that an audit will be performed without bias. In the case
of an internal audit, this can be difficult, because an
internal audit is carried out by the accounting staff of
the company concerned. Generally, an internal audit can
only successfully be carried out by a large accounting
department, because auditors cannot audit records to which
they contributed. Internal audits are usually carried out
on a regular basis by large companies to ensure that their
finances are in order, and if the company is publicly
traded, audit reports are available for inspection by
stockholders.
An independent or external audit is carried out by a
neutral third party, such as a professional accounting firm
which specializes in audits.
Regards,
Sandhya shetty
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / swati mundhra
auditingis a systemtic objective ,independent examination
of f/s,books of a/c ,vochers to express an opinion
regarding true and fair view of f/s
| Is This Answer Correct ? | 3 Yes | 1 No |
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State with reason which account should be debited and which account should be credited in each of the following transactions: 1. Raj commenced business with cash Rs. 5000 2. Bought goods from Kiran for cash Rs. 1000 3. Sold furniture to Ravi on credit Rs. 500 4. Sold goods for cash Rs. 800 5. cash purchases Rs. 600 6. Bought Stamps Rs. 10 7. Withdrew cash from the business for personal use Rs. 1000 8. Paid salary to manager Rs. 500 9. Paid rent to landlord Rs. 200 10. Received commission from Mani Rs. 50 11. Paid for repairing machinery Rs. 30 12. Received cash form Ravi on account Rs. 400 13. Gave loan to Babu Rs. 500 14. Purchased goods from Sachin Rs. 400 15. Opened a bank account with Rs. 1000 16. Charged Mohan Rs. 50 commission for service rendered to him 17. Santosh paid the interest on loan advanced to him 18. Received loan from Manju Rs.10000 19. Office furniture stolen Rs. 500 20. Paid income tax Rs. 5000 21. Paid life insurance premium Rs. 300 22. Allowed discount to Babu Rs. 90 23. Discount received from Santosh Rs. 150 24. Amount charged by bank as bank charges Rs. 30 25. Railway fright paid on machinery purchased Rs. 100
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2 Answers Hindustan Unilever Limited,
Audit 
