friends its being the first time when i am going for an audit ....can anyone please help me out that which areas should i focus so that i could perform the audit well.
shobhit chandra (ipcc student) (707 Points)
27 July 2015friends its being the first time when i am going for an audit ....can anyone please help me out that which areas should i focus so that i could perform the audit well.
KRISHNAPRASAD IYER
(B.Com , CA Final)
(657 Points)
Replied 27 July 2015
Dear Shobit,
The areas to be covered is different in different audits.
Ask the seniors or managers or partners in your office to guide you regarding this assignment as they will be in a better position to explain it to you.
Regards
KP
shobhit chandra
(ipcc student)
(707 Points)
Replied 27 July 2015
hmmm... but i am the only article of my ca firm and this is our firm first audit too... thats why i was expecting someone to share their experience with me..
PC DAVIZ
(Company Secretary)
(304 Points)
Replied 28 July 2015
Preparation for Audit is important
1.Read and understand the last 3 years Annual report of the organisation
2.See the budget for the current year
3.Look at the Board Minutes for the last two years including current year
4.Bye laws, Mannuals, Memoradum and Articles of Association of the entity.
5.Internal audit report,report of the statutory auditor
6.Understand the IT system of the organisation-ERP,SAP/Oracle/Tally and other Accoutnig softwares used.
7.Bussiness strategy of the organisation.
After audit preparation kindly go ahead
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