Question

STUDY ONE BY ONE . AND TRY TO CLEAR THE CONCEPT- NO OTHER WAY

I am not from the accounts back ground. I have worked for 15 years abroad in a general management position.

Having come back to India, i find that some auditors are still insisting on manual registers for products going out for demonstrations, physical certificates for bank deposits. We have all these in e form. How much mandatory is it from the Indian accounting requirement to have manual documentation?

What does the auditor fee consist off. A fixed charge agreed by the board, plus other expenses like travel to place of audit, car hire charges, food etc.

Can anybody clarify as I am pretty ignorant in this matter.

 

 

"What does the auditor fee consist off. A fixed charge agreed by the board, plus other expenses like travel to place of audit, car hire charges, food etc." Auditor's fee is based on the area (city, state) in which your auditor is practicing, however minimum rates are prescribed, but no limit for maximum, thats all depends on area.

"How much mandatory is it from the Indian accounting requirement to have manual documentation?+

 

 - Thats depends on the documents which are not available online or in e-form. which documents is he asking manual?

Dear Ankita Mundhra

as per my view i suggest u to go for Tiwari's book on Accoutning standard for IPCC and Final its good and it contains many suggest problems previous exams

Originally posted by : Ankita Mundhra
	how to study auditing standards?? there r so many.

While one should have a broad understanding, specific standards to be identified for indepth study and understanding:

eg:SA 200 - Objectives, SA 230 - Documentation, SA240 - Relating to Frauds, SA 320 - Material Misstatement, SA 500 - Evidence, SA 600 - Using the work of Another Auditor, SA-610, SA-720 etc....