Vouching

Vouching is d essence of Auditing...

While vouching u jst need to keep in find the following details:

--Voucher must belong to the entity for which d audit is being done.

 -- The date on the voucher must be of the period under audit.

-- Vouchers to be serially numbered.

-- Vouchers to be dully authorized.

-- A/c head to which the exp of the voucher is debited should be correct

-- The exp for which the vouches is made is concerned with the activity of the business.

-- Calculation of the amt in voucher

-- Amt in words and fig should be d same.

I feel these are the essential things to be checked while vouching...

as per iam considered simply we are checking the genuinity of  vouchers  submited for auditing.and iam agreing with kirti. voucher kinds   depends according to needs of entity

Thanks...Actually i am expecting views of some Accountants

1.       Different kinds of vouchers

a)      Cash voucher

b)      Bank voucher

c)       Purchase Journal voucher (PJV)

d)      Subcontract Journal voucher (SJV)

e)      Journal Voucher (JV)

2.       Supporting document shall be such that it proves the existence of the transaction. In other words, it is to prove it is not a Bogus but is an actual transaction.

3.       As far as legality w.r.t. Income tax Act is concerned, if we do not have proper supporting document, the expenditure can be disallowed as Un-explained expenditure.

4.       If you have any specific query, then kindly give details about that.