Vouching and Tracing are auditing techniques What's the purpose? Vouching begins by taking a sample of transactions and examining their supporting documents to confirm they are genuine. Tracing, however, tracks transactions from their source documents through … [Read more...] about Vouching Vs Tracing
Audit
Guide to Concurrent Audit of Banks
Concurrent Audit of Banks mean verifying the transactions without any time gap. That's one of the most frequently heard term in context of bank audits. Isn't Banking system is crucial for survival of any economy? The answer will be an obvious yes. There is much need … [Read more...] about Guide to Concurrent Audit of Banks
What steps does Audit of furniture includes?
Furniture can be office equipment or any other non-current asset that helps in fulfilling the business objectives. Irrespective of the nature, the testing approach is the same. Auditing furniture includes identifying the risks, determining the appropriate controls that address … [Read more...] about What steps does Audit of furniture includes?
What does Audit Documentation Deals with?
Audit documentation deals with the questions Audit documentation means the context of how the auditor and their team rationalize the testing performed. Work not documented means work not performed. So, such documentation shall be robust, and there should not be any scope … [Read more...] about What does Audit Documentation Deals with?
Journal Entry Testing
Journal Entry testing is a financial check point. What's the purpose of this test? In other words, its a kind of testing the GL dump with all entries for a specific period. How about an example to understand the purpose? Consider an entity that is majorly financed … [Read more...] about Journal Entry Testing