What are the risk in audit world? How to reduce those risk?

Rupesh Kumar Panda

• Dec 28th, 2016

Audit Risk refer to the risk that audit opinion may goes wrong when the financial statement was misstated.There are two types of audit risk 1) Risk of material Misstatement 2) Detection risk.Risk o...

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Satish Kannan.M

• Sep 29th, 2016

Adequacy Audit - Documentation Review
Compliance Audit - Implementation / Process Adherence Review
Internal Audit - Conducted by the organisation of its own.
External Audit - Conducted by external agency (Customer / Consultant / Certification Body / Govt Regulatory Body)

akjohn

• Jul 21st, 2015

Internal and External Audit

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Satish Kannan.M

• Sep 29th, 2016

Systematic, independent and documented process for evaluating the system /process / product

Manish Agarwal

• Jul 1st, 2016

Internal audit is an independent appraisal activity to evaluate internal control of an entity and improve the overall governance (management) of an entity.
Its objective to determine Whether internal control are properly designed and implemented.

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Akinremi Nanna

• Feb 28th, 2016

Cross functional audit is when other professional groups within an organization are involved in internal auditing in an organization for the advancement of that organization

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Sameer M

• Feb 21st, 2015

Interest on VAT= VAT Payable*rate of interest%*days of delay/days in year
Please follow the above formula to calculate interest on VAT

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My company is given machinery on rent basis to other company . Then it is matter of vat or service tax ?

roger

• Dec 29th, 2014

Do I have to pay from rental income in commercial area I get 1Lacs above

i.ram harsha

• Oct 15th, 2011

you have to pay income tax. if the renting of machinery is ur business then it is chargeable under PGBP(sec.28) of Indian income tax,1961. And it is in nature of service ...and renting of movable g...

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What is List & briefly explain the objective, purpose of meetings? What is the polymore physum?

kennedy mwaitete

• Oct 10th, 2014

Providing key description on the type of audit to be taken place and to analyse the responsibilities during the field work as well as client to be aware of what is going to happen after the field work.

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What have you done in statutory Audit?

mwaitete

• Oct 10th, 2014

Attempt of a legally review of the accuracy of an entities financial records.

yash

• Apr 5th, 2013

How to done statutory audit

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ketavarapu  

 Profile Answers by ketavarapu Questions by ketavarapu

• Member Since Jun-2007 | Feb 3rd, 2009

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Under Sec 94-I we can deduct TDS

Praveen

• Sep 12th, 2014

Vouching is the process of checking the vouchers with which we have entered the transactions in books of accounts

sudheer patibandla

• Aug 19th, 2012

Under 94 - I @ 2%

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ANNSALOME WANGARI

• Nov 22nd, 2013

audit control procedures are policies and procedures in addition to control environment, (altitude,awareness and actions of directors and management regarding the internal control system) which the ma...

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pawan

• Aug 11th, 2012

To ascertain or present the true and fair view of financial statement with regulatory legal compliance

mohamdabdelwhab

 Profile Answers by mohamdabdelwhab Questions by mohamdabdelwhab

• Feb 17th, 2010

It is requested by Audit commitee or the Companys; shareholders. The main objective of modern Audit is to help the MGMT to acheive its various objectives by bringing a systimatic approaches and evaluating the risks.

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A B GOEL

• Jul 5th, 2012

CARO means company audit report order 2003.It describes the matter on witch Statutory Auditors has to report in their Audit Report.

monali1008

 Profile Answers by monali1008 Questions by monali1008

• May 25th, 2010

Company Audit Report Order

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Finnish flash

• Apr 21st, 2012

Contact the board of directors or the audit committee. They should ensure the independence of internal auditing.

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Lokesh M

 Profile Answers by Lokesh M Questions by Lokesh M

• Feb 10th, 2012

Decommission Liability is costs that a company expects to incur in the future when the plant is shut down.

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Vinit

• Jan 21st, 2012

One auditing firm can audit other auditing firm.

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Moiz Mokhtar

• Dec 17th, 2011

Vouching is the process of checking for the existence an example for this is checking from the final record to the supporting document.

RUTUL

• Dec 13th, 2011

"In accounting language all P&L items vouched."
vouching means to check whether recorded transaction have any voucher or not.
voucher means supportive evidence with the transaction.

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naina goel

• Sep 13th, 2011

Tangible Assets are those assets which we can see or touch like fixed asset ,machinery,etc.
intangible Assets are those which we can't be seen like goodwill of the company.

Muhammad Mansoor

 Profile Answers by Muhammad Mansoor Questions by Muhammad Mansoor

• Aug 8th, 2010

Tangible assets - which is visible, like machine & apply IAS 16Intengible assets - which is invisible, like goodwill, brand name & apply IAS 38.

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Merits and demerits of statutory audit

Shashank Goyal

• Aug 28th, 2011

Statutory audit is always an external audit as the statutory auditor is appointed under the provision of section 226 by company shareholders and as per the professional ethics internal auditor cannot ...

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DIPIKA

• Aug 13th, 2011

Trail balance may tally when there is an error of omission. ( for eg. if we made payment of rs. 1000/- for office expenses but both entries are omitted then trial bal will be tally )

Nikhila

• Jul 14th, 2011

Yes,the trial balance matches even when there are errors.For example when there is a compensating error the trial balance still tallies.

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Muhammad Mansoor

 Profile Answers by Muhammad Mansoor Questions by Muhammad Mansoor

• Aug 8th, 2010

Minimum attendence of members must be in meeting at time.Min. attendence is according to company's article of association (AOA) its vary company to company.

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