Answer / ankit

Audit is systematic and independent examination of data,
statement, records, operations and Performance for a stated
purpose.

Answer / revathi

Audit is defined as checking the records with accuracy and
with no defects in it.

Answer / sunny verma

AUDIT IS A VERY SYSTAMATIC ROUTINE CHECK UP OF THE INTERNAL
AND EXTERNAL EXPENCES AND THE SMOOTH RUNNING BEHAVIOUR
TALLY OF A SUSTANING OR NON- SUSTANING ORGANISATION.

Answer / uppy

verified the all the company records

Answer / anand

audit is vouching and verification of accounts prepared by
the organisation so as to maintain perfect accounting system

Answer / lxmi1972

Audits are performed to ascertain the validity and
reliability of information; also to provide an assessment
of a system's internal control. The goal of an audit is to
express an opinion on the person / organization / system
(etc) in question, under evaluation based on work done on a
test basis.

Due to practical constraints, an audit seeks to provide
only reasonable assurance that the statements are free from
material error. Hence, statistical sampling is often
adopted in audits. In the case of financial audits, a set
of financial statements are said to be true and fair when
they are free of material misstatements - a concept
influenced by both quantitative (numerical) and qualitative
factors.

Auditing is a vital part of accounting. Traditionally,
audits were mainly associated with gaining information
about financial systems and the financial records of a
company or a business (see financial audit). However,
recent auditing has begun to include non-financial subject
areas, such as safety, security, information systems
performance, and environmental concerns. With nonprofit
organizations and government agencies, there has been an
increasing need for performance audits, examining their
success in satisfying mission objectives. As a result,
there are now audit professionals who specialize in
security audits, information systems audits, and
environmental audits.

In financial accounting, an audit is an independent
assessment of the fairness by which a company's financial
statements are presented by its management. It is performed
by competent, independent and objective person(s) known as
auditors or accountants, who then issue an auditor's report
based on the results of the audit.

In cost accounting, it is a process for verifying the cost
of manufacturing or producing of any article, on the basis
of accounts measuring the use of material, labour or other
items of cost. In simple words the term, cost audit, means
a systematic and accurate verification of the cost accounts
and records, and checking for adherence to the cost
accounting objectives. According to the Institute of Cost
and Management Accountants of Pakistan, a cost audit is "an
examination of cost accounting records and verification of
facts to ascertain that the cost of the product has been
arrived at, in accordance with principles of cost
accounting."[1]

An audit must adhere to generally accepted standards
established by governing bodies. These standards assure
third parties or external users that they can rely upon the
auditor's opinion on the fairness of financial statements,
or other subjects on which the auditor expresses an opinion.

The Definition for Auditing and Assurance Standard (AAS) 1
by ICAI - "Auditing is the independent examination of
financial information of any entity, whether profit
oriented or not, and irrespective of its size or legal
form, when such an examination is conducted with a view to
expressing an opinion thereon."

comptroller auditor general of india functions

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tds effect in balance sheet if tds receipts

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A company charity (gross income <?250k) wishes to take advantage of the audit exemption regime. However, there is an audit provision in the company's Articles. Should they be required to change the Articles?

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whether in the case of BIFR scheme the non payment of dividend FOR MORE than 7 years shall go in the Dividend Equalisation fund/ Investors Protection fund

1 Answers  

I have had a Accounting experience more than 20 year in General Accounting, Traveling & Tourism, and Air lines. Can I change my Job from Accountant to Auditor- Please give me right advise.

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How do you audit derivatives?

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Every firms has audit firms to audit their accounts but who will audit an auditing firm?

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i have completed my b.com gradution i want to expert in audit and taxation for this which course should i do

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How Will U Verify in Salaries whether TDS is deducted or not?

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What sort of image do you have?

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How do i know wheather Tds deducated from Inv.or Not?(eg.If someone printing a banner for our office for Advertisement & he issue a Tax Invoice for the same. If Tds is deducted - then why & if tds is not deducted then why

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what is the time of pf return, and how can calcualte the pf inertest.

1 Answers