1. Who is an auditor
The person conducting audit is known as auditor. Or
In other words auditor is a qualified and independent expert person who examiners the accounts of business concern and preposition weather the final accounts are reliable or not.
2. What is error?
Error means- and an intentional mistake in financial information. In other words and error maybe any an intentional mistake or miss description in the book of accounts or records.
3. Give the meaning of audit notebook.
How did notebook is a register maintainer by the audit stuff to record important points observed, errors, doubtful queries, explanations and clarifications to be received from the clients.
4. What is qualified audit report?
When the auditors is not a satisfied with the accounts to firm is called a qualified audit report.
5. What is the statutory audit?
Statutory audit is the audit of accounts of a business enterprises carried or to compulsoryly under the provisions of a law.
6. What is internal check?
Internal check is the system of allocation of responsibility division of work and methods of recording transactions where by the work of an employee is checked continuously by correlating of with work of other is a called internal check.
7. What is manipulation of accounts?
Manipulation of accounts means of falcification of accounts without any misappropriation of cash or goods or any property.
8. What is voucher?
Voucher means- any documentary evidence supporting the entries in the record is called as a voucher.
9. Mention any two advantages of audit,
* Prevention and detection of errors and
* facilitates to obtain loans and credit.
10. Give any four examples of fixed assets.
Land and building
Furniture
Machinery
Goodwill.
11. What is annual audit?
Annual audit is the audit which is carried out at the close of the financial trading year after the books of accounts have been closed and the final accounts have been drawn up.
12. What is balance sheet audit?
Balance sheet audit is the audit of various items appearing in a balance sheet it is a concerned with the verification or examination of the values of assets amount of liabilities of deserts and provisions the amount of profit earned or loss suffer by the business concern during the financial year and the position of a capital.
13. What is fraud?
Proud means for the representation of false entry made intention your without believe in its truth without with the wave to Deep frowned somebody in other words properties intentional misery presentation or deliberate concealment of a material fact with the view to deceive cheat or miss lead somebody.
14. What is ICAI ?
The institute of chartered accountant of India is the second largest professional accounting body and largest professional accounting body of India under the ownership of ministry of corporate affairs Government of India.
15. What is error commission?
When a transaction is wrongly record did in the books of original entry or in the ledger is called an error of commission it may be intentional or unintentional or they may be due to carelessness of the clerical staff.
16. Name two types of internal.
* Internal check
* Internal audit
* Administrative control
* Accounting control
17. Expand SAPs and ASs
SAP: statements on standard auditing.
ASs: accounting standards.
18. Define vouching.
Vouching is an act of comparing entries in the books of accounts with the documentary evidence in support thereof.
19. What is audit certificate?
It is the declaration as to the truthfulness of the statement made by the auditors.
20. What is verification of assets?
It is the process by which the auditor satisfies himself not only about the actual existence, positions, ownership and the basis of elevation of the assets but also ensures that these are free from any charge or line or encumbrance.
21. What is window dressing?
It means a showing outwardly a more prosperous position of the business then work it actually is it is a process by which the balance sheet is made to show a state of affairs for better than what it is actually is.
22. What is audit programme?
It is a detailed plan with well determined up procedures for audit work.
23. What is internal control?
Internal control as a defined in accounting and auditing is a process for as during achievement of a firms or organisations object is in operational effectiveness and efficiency reliable financial reporting and compliance with the laws are regulations and policies.
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