what is audit
This query is : Resolved
Rajesh Agarwal
(Querist)
10 May 2011
can any body tell me how can audit to a firm / bank
what r the things which we take care when audit
what r the things which we take care when audit
16 May 2011
Audit means checking and finding out the incorrectness of the company's accounts and in case of Banking also the same thing.
Purpose
The overall purpose of an audit function is to provide for verification of records, processes or functions in a sufficiently independent manner from the institution or subject being audited in order to add its value and improve its operations. The main objectives are:
To independently identify information which is essential to develop an overall picture of the institution/local authority.
To identify any weaknesses or administrative flows which otherwise would not be identified due to unwillingness or inability by insiders of the institutions.
To identify strengths and weaknesses of the administrative structures in order to inform decisions on overall strengthening of the institution.
So from the above points you can find the points to take special care.
To provide baselines on which reforms can be assessed.
To provide the government (other governing bodies) and general public with credible information that result in public faith or trust of the institution and/or pressure for any reforms to address problems identified.
Purpose
The overall purpose of an audit function is to provide for verification of records, processes or functions in a sufficiently independent manner from the institution or subject being audited in order to add its value and improve its operations. The main objectives are:
To independently identify information which is essential to develop an overall picture of the institution/local authority.
To identify any weaknesses or administrative flows which otherwise would not be identified due to unwillingness or inability by insiders of the institutions.
To identify strengths and weaknesses of the administrative structures in order to inform decisions on overall strengthening of the institution.
So from the above points you can find the points to take special care.
To provide baselines on which reforms can be assessed.
To provide the government (other governing bodies) and general public with credible information that result in public faith or trust of the institution and/or pressure for any reforms to address problems identified.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
