Day: January 3, 2022

Generally speaking, hire-purchase agreement means an agreement under which goods are let on hire and under which the hirer has an option to purchase them in accordance with the terms of the agreement and includes an agreement under which:  possession Read More …

There are many problems involved in any hotel audit, some of which are peculiar to the hotel industry such as control of cash assume greater proportions. Almost all sales points in a hotel make both cash and credit sales. The Read More …

The special steps involved in its audit are stated below : (1) Verify that entrance to the cinema-hall during show is only through printed tickets;  that they are serially numbered and bound into books;  that the number of tickets issued Read More …

A club is usually constituted as a company limited by guarantee. Therefore, various provisions of the Companies Act, 1956 relating to the audit of accounts of companies are also applicable to its audit. The special steps involved in such an Read More …

The special steps involved in such an audit are stated below; (1) Vouch the Register of patients with copies of bills issued to them. Verify bills for a selected period with the patients’ attendance record to see that the bills Read More …

The special steps involved in their audit are the following : (1) Examine the Trust Deed, or Regulations in the case of school or college and note all the provisions affecting accounts. In the case of a university, refer to Read More …

In the case of the audit of a charitable institution, attention should be paid to the following matters : (1) General Studying the constitution under which the charitable institution has been set up. It may be registered as a society Read More …

The duties and responsibilities of the auditors in respect of the individual small company client are the same as in larger audits and the satisfactory accomplishment of the work requires the skilful adaptation and application of the principles of auditing Read More …

The auditor to a firm is usually appointed by the partners either on the basis of a decision taken by them or to comply with a condition in the partnership agreement. His remuneration is also fixed by the partners. It Read More …

Audit of a Sole Trader A sole trader is under no legal obligation to have his accounts audited. However, many such individuals get their financial statement audited due to regulatory requirements, such as stock brokers or on a specific instructions Read More …