RASIC
This query is : Resolved
25 July 2010
ACCORDING TO GENERAL GUIDELINES ON INTERNAL AUDITING ISSUING BY ICAI
AUDITING IS DEFINED AS "A SYSTEMATIC & INDEPENDENT EXAMINATION OF DATA,STATEMENTS,RECORDS&PERFORMANCE (FINANCIAL OR OTHERWISE) OF AN ENTERPRISE FOR A STATED PURPOSE "
WHAT IS MEANT BY FINANCIAL OR OTHERWISE
AUDITING IS DEFINED AS "A SYSTEMATIC & INDEPENDENT EXAMINATION OF DATA,STATEMENTS,RECORDS&PERFORMANCE (FINANCIAL OR OTHERWISE) OF AN ENTERPRISE FOR A STATED PURPOSE "
WHAT IS MEANT BY FINANCIAL OR OTHERWISE
01 August 2010
Accounting is the language of business.
Auditing is verification of accounting and its Financial Statements.
Now-a-days, not only accounting is required according to prescribed accounting standards but they are required to report whether various laws have been complied with by them or not. That is why the words finance and otherwise have been used.
Internal Audit not only helps to safeguard from legal complexities but also aids to the management about various loopholes in the control system.
Auditing is verification of accounting and its Financial Statements.
Now-a-days, not only accounting is required according to prescribed accounting standards but they are required to report whether various laws have been complied with by them or not. That is why the words finance and otherwise have been used.
Internal Audit not only helps to safeguard from legal complexities but also aids to the management about various loopholes in the control system.
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
Unanswered Queries
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- TDS on Consultancy- Non DTAA
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- Management System (IMS)
- DIN reactivation
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- GST rate and HSN code for sale of racing horses
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Eway bill generation from place other than registeted
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
