Day: December 15, 2021

It is one of the important principles in developing an overall audit plan. Infact without adequate knowledge of client’s business, a proper audit is not possible. AAS-20 on “Knowledge of the Business” deals in detail about the significance of such Read More …

As per Auditing and Assurance Standard 1, “Basic Principles Governing an Audit”, Audit Planning is one of the basic principles. Accordingly, it states : “The auditor should plan his work to enable him to conduct an effective audit in an Read More …

Selection of the appropriate audit procedure is again a matter of experience and judgment. Take extreme example of contingent liability in respect of pending suits : no entry or other records for this would be available to the auditor; verification Read More …

For collection and accumulation of audit evidence, certain methods and means are available and these are known as audit techniques. Some of the techniques commonly adopted by the auditors are the following : 1. Posting checking 2. Casting checking 3. Read More …

One must take care to ensure that nothing is missed in the process which needs to be followed to achieve the audit objective. The following audit process in that order may be taken as a specimen:  Formulating audit plan and Read More …

Accountancy and auditing are pursuits of a noble profession, the conduct of its members is governed by a set of the rules. One of the rules forbids chartered accountants to solicit clients. Clients must themselves find their auditors. A client Read More …