Basics of audit

Give me your suggest about how to do audit work in beginning days...?
Replies (2)
Quick Summary
For those new to auditing, the initial focus should be on vouching prime entries, starting with journal entries from the beginning of the financial year. This involves verifying that entries adhere to accounting rules, ensuring correct debit and credit postings according to the double-entry system. Key checks include proper accounting for income, expenditure, assets, liabilities, and equity, as well as distinguishing between capital and revenue expenditure.

We have to start with vouching of prime entries ( Journal entries) , right from the 1 st day of April , beginning of the Financial year . we have to check how many Journal entries have been pass in the books of accounts on the 1 st day and are they pass as per accounting rules ?,also same are properly pass in the seance that checking Debit and credit as per double entry accounting system . Income , expenditure , asset , Liability , equity are properly accounted .
Capital and revenue expenditure are properly accounted or not . vouchers are properly prepared or not i.e date of voucher as per the documentary evidence , debit or credit particulars in the voucher , more importantly amount , documentary evidence attachment , then voucher prepared by , Sing by ,Authorised by etc . then we have to check properly entered in the accounting system or not .
So the above manner in the beginning start vouching , the most important is date of voucher should be falls within the accounting period , documentary evidence and amount . properly examining primary entries is very important in the beginning .
I have given above is the practical aspects of Audit at the beginning , however we have to comply with all Auditing standard while Auditing at the beginning .

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