LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Audit Procedures

Ramesh (13 Points)

10 May 2007

Please can some one give me what are the common audit procedures? (I have read books viz., Kamal Gupta but I would like to know which are the procedures commonly used in practical situations)

Reply
Follow
Share

1 Replies

Shiv Prakash (164 Points)
Replied 10 May 2007

hello there,
there are no fixed set of common audit principle that we follow while doing audit. In practical situation generally procedue is dependant upon the structure of the client's business and nature and complexity of accounts.
However u can apply some common procedures in cases like doing internal / statuory audit of Banks or co-op. societies. Similary in cases of audit of Income tax we may follow some common procedures.
SOme common procedure which i can recommend are(though other's might have other type of procedures) ::-
(1) reconciliation of bank balances.
(2) checking of creditors and o/s credit bill for more than 30 days.
(3) debtors balances and overdue bills.
(4) calculation of Intt. on loan.
(5) checking of board resolutions.
(6) Vouching of bills and vouchers (one of the favoutite and most most essentila)
(7) stock checking.
(8) cash counting at banks audits.
(9) payments of TDS, VAT, excise entery tax/octorie etc.

so above are some audot procedures.
bye

from shivprakash chaurasia