Ledger Scrutiny
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 June 2010
What is ledger scrutiny?How should it be properly done?
22 June 2010
To check ledger with all point of views
whether entry is made properly.
In correct date with correct amount.
Whether any legal laiblity is to be made on entries of ledger. just like tds.
If deducted , whether deposited the same.
Ledger scrunity is detailed checking of account.
whether entry is made properly.
In correct date with correct amount.
Whether any legal laiblity is to be made on entries of ledger. just like tds.
If deducted , whether deposited the same.
Ledger scrunity is detailed checking of account.
Message likes :
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Rahul Gupta
(Expert)
22 June 2010
Ledger scrutiny is the overall assessment of accounts of a concern. It is a process intitiated with a view to ensure true and fair concept. Any irregularity (Whether it may be error or a statutorial non-compliance) may be bought into light. Just by scrolling down the transaction that has occured in an account with adequate narrations, could be very helpful in the process of scrutiny for identifying whether the accounts reflect a true and fair view. Before resorting to ledger srutiny, the auditor should ascertain the extent to which it can be adopted. It can be detailed or restricted to some class of accounts.
Some of the following points to be checked for different leadgers on sampling basis or some logical selection >
1. Opening Balances
2. Date of transaction.
3. Type and nature of transactions.
4. Whether the transaction is posted to the right ledger account and is correctly debited or credited.
5. The arithmetical accuracy of the ledger.
6. Closing balance of the ledgers.
Some of the following points to be checked for different leadgers on sampling basis or some logical selection >
1. Opening Balances
2. Date of transaction.
3. Type and nature of transactions.
4. Whether the transaction is posted to the right ledger account and is correctly debited or credited.
5. The arithmetical accuracy of the ledger.
6. Closing balance of the ledgers.
Message likes :
5 times
mohinder kansal
(Expert)
22 June 2010
LEDGER SCRUTINY IS DONE FOR OVERALL ASSESSMENT OF THE ACCOUNTS MADE AND IT DEPENDS UPON THE APPROACH AND DECISION OF EACH INDIVIDUAL IN THE GIVEN CIRCUMSTANCES. ACCOUNTS ARE SCRUTINISED CONSIDERING ALL LEGAL AND ACCOUNTING ASPECTS INCLUDING ACCOUNTING STANDARDS AND OTHER APPLICABLE SITUATIONS
22 June 2010
Well explained by Rahul ji.
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