Education and training program in the hospital APR.pptx
PRINCIPLES AND PRACTICE OF AUDITING.
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PRINCIPLES AND PRACTICE OF AUDITING.
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ABHISHEK D K, COMMERCE LECTURER.
UNIT 3:
VOUCHING:
Vouching:
Meaning:
The act of examining documentary evidence in order to ascertain the accuracy of entries in
the books of accounts is called vouching. Vouching is an important tool of the auditors to
carefully inspect the documentary evidence, such as invoices, counterfoils, statements,
minutes, contract, debit and credit notes, correspondence, etc., supporting and substantiating
a transaction.
Definition:
According to Lawrence Dicksee, Vouching is “an act of comparing entries in the books of
accounts with documentary evidence in support thereof”.
According to J.R. Batliboi, Vouching means “testing the truth of items appearing in the books
of original entry”.
Importance of Vouching:
1. Vouching with diligent care and intelligent ensures the success of an audit work.
2. Vouching is a vital technique of an auditor to check the regularities and irregularities
of the transactions.
3. Vouching helps the auditors to know whether the documentary evidences are
authorized by the responsible authority.
4. Vouching ensures that casting, carry forward posting of ledgers, balancing of ledger
accounts are properly carried out while recording the transactions.
5. It is only through vouching the true and fair view of the books of accounts, financial
statements and reports can be certified by the auditor.
6. Vouching helps the auditor to know that the transactions which are recorded are
related to the business.
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ABHISHEK D K, COMMERCE LECTURER.
Routing Checking and Vouching:
The term ‘Routine Checking’ means:
1. The checking of casts, sub-casts, carry forwards, extensions and other calculations in
the books of original entry.
2. The checking of posting into ledgers.
3. The checking of ledger accounts, as regards their cast, balancing the carrying forward
of balances and transfer of balances and the transfer of balances to the Trial Balance.
Routine Checking means the checking of arithmetical accuracy of books of original entry
and ledgers with a view to detect clerical errors and frauds.
Vouching involves the process of inspecting a document that supports a recorded transaction
in order to verify the authority and authenticity of such transactions.
Differences between Routine Checking and Vouching:
Routine Checking Vouching
1. It comprises of checking of
arithmetical accuracy and clerical
errors.
2. Its main objective is to verify that the
accounts have been correctly
balanced.
3. Routine checking is included in
vouching.
4. Routine checking is very simple and
mechanical.
5. Routine checking’s scope is limited.
6. It reveals minor frauds and errors.
1. It refers to the checking of
transactions and its validity and
authenticity.
2. Its main objective is to vouch
transaction on documentary evidence.
3. Vouching is a broader term, as it
includes routine checking.
4. Vouching is an intelligent and
systematic process.
5. Vouching has a wider scope.
6. It reveals clerical errors, errors of
principle and pre planned frauds.
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ABHISHEK D K, COMMERCE LECTURER.
Vouchers:
Meaning:
In book keeping, voucher is the first document to record an entry. Voucher is the original
documentary evidence in support of any payments or receipts of money by the business. It
would be with the help of vouchers that the accuracy of the entry can be checked. It
substantiates the book entries and confirms their reality.
The following are the examples of vouchers for certain transactions:
Cash received – Counterfoils of receipts issued, contracts, minutes, correspondence,
confirmation of balances by debtors, etc.
Cash paid – Original receipts from payees, invoice bills, demand notes, wages books,
salary books, contracts, minutes, correspondence, confirmation of balances by
creditors, etc.
Purchases – Invoices, books, copies of orders, correspondences, etc.
Sales – Copies of Invoices, orders records, goods outward books, correspondence, etc.
Definition:
Arthur W. Halmes defines Voucher as “any documentary evidence in support of a
transaction”.
Types of Vouchers:
There are two types of vouchers. They are:
1. Primary Voucher – Original written evidence constitutes primary voucher. For
example: counterfoils of cash receipts, purchases invoice, etc.
2. Secondary / Collateral Voucher – Original written evidence may not be available
for certain transactions. Copies of such evidences are made available for the purpose
of audit. Such copies of evidences are called secondary / collateral vouchers. For
example: photo copies of demand drafts, copies of resolutions passed at meeting,
carbon copies of sales invoice, etc.
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ABHISHEK D K, COMMERCE LECTURER.
The types of vouchers are receipt, invoice, agreement, explanations, reports, minutes,
prospectus, payments, sales, purchases, journals, debit notes, credit notes, delivery challans,
memos, rejection notes, contra and adjustment vouchers.
Principles/Techniques of Vouching:
At the time of vouching, the auditor should keep in view the following important principles in
mind:
1. Arranged vouchers:
First of all, the auditor should check all the vouchers provided by the client are
properly arranged. These are in the same order as the entries are made in the books.
2. Checking of date:
The auditor should compare the date of the voucher with the date recorded in the cash
book.
3. Compare the words and figures:
The auditor should satisfy himself that amount written is numbered consecutively.
All the vouchers should be properly filed. On the vouchers, its figures and words are
same or not.
4. Checking of authority:
The auditor should examine that all the vouchers are passed by the authorized officer.
If the voucher is passed by unauthorized person, it will not be correct.
5. Cutting or change:
If there is any cutting or change on the receipts and vouchers figures, it should be
signed by the authorized officer. The auditor should satisfy himself by inquiring
about it.
6. Transactions must relate to the business:
The auditor should carefully examine that the entries must relate to the business.
7. Case of personal vouchers:
The auditor should not accept the voucher in personal name. There is a chance that an
officer of the company has purchased any item in his personal capacity.
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ABHISHEK D K, COMMERCE LECTURER.
8. Checking of account head:
Auditor must be satisfied about the head of account on which cash is deposited and
drawn. He should examine the documentary evidence in this regard.
9. Revenue stamp:
The auditor should also check that voucher bears a required revenue stamp or not.
10. Case of cancelled voucher:
The auditor should not accept the cancelled voucher. Because, it has already served
the purpose of payment. There will be a danger of double payment if it is accepted.
11. Important notes:
The auditor should take some important notes about those items which need further
evidence or explanation.
12. Payment:
The auditor should check that whether payment is described partially or for complete
transaction of sale.
13. Agreements:
These provide the basic information to the auditor. He should check the agreements,
correspondence and other relevant papers.
14. Printed vouchers:
Printed vouchers are considered true and these are legally acceptable. If these are not
printed, then, these are useless.
15. List of missing vouchers:
The auditor should prepare the list of missing vouchers. This list will be helpful in
detecting the fraud and errors.
Vouching of Receipts:
Vouching of Receipts means verification of documentary evidences of the transactions
related to cash receipts. It is also called vouching of the items that appears in the debit side of
the cash book.
In most of the business concerns, cash transactions accounts for the largest bulk of
transactions. Cash, being the most liquid asset, is vulnerable to frauds of various kinds.
Therefore, it is vital for an auditor to satisfy himself that the cash transaction entered in the
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ABHISHEK D K, COMMERCE LECTURER.
cash book by the clients have been correctly recorded and all the procedures laid down for
entering such cash transactions have been compiled with.
Before an auditor starts with the vouching of the cash transactions, he must inspect and
review the internal control audit system and accounting system of his clients.
While vouching the cash receipts, the following points are to be considered by an auditor:
1. If the rough book is maintained, the auditor should ensure that the entries in rough and
the cash book matches.
2. All the cash receipts should be properly recorded in the cash book.
3. He should ensure that the cash receipts are deposited into the bank daily. These
deposits must be supported by the proper vouchers, i.e. pay-in-slip.
4. The auditor should check that the cashier do not have any control over the ledgers.
5. As auditor should check the entries in the pass book with the entries in the cash book.
The bank reconciliation statement has to be prepared for the reconciliation of the bank
balances shown by the cash book and the pass book.
6. The auditor should ensure that the receipts books are in printed form and the receipts
are serially numbered and carbon copies are kept in the office.
7. The unused receipts books must be in the safe custody of a responsible officer.
8. The auditor must ensure that the cash discount given to the customers are recorded
properly and at uniform rates.
9. The auditor should satisfy himself that the bad debts written off are authorized by an
authorized person.
The following are the important items appear on the debit side of cash book:
1. Opening balance.
2. Cash sales.
3. Receipts from debtors.
4. Income from interest, dividends.
5. Rent received.
6. Bills receivable.
7. Commission received.
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8. Sale of investments.
9. Bad debts recovered.
10. Sale of fixed assets.
11. Income from hire purchase.
The above receipts are to be vouched by the auditor to check the accuracy of the entries,
accounting system that is adapted and errors and frauds that might have committed in the
cash book.
The common errors and frauds regarding cash receipts are as follows:
1. Cash receipts from customers may not be recorded in the books and amounts may be
misappropriated.
2. Cash may not be recorded or under recorded in the books and the amount of cash that
is not recorded or under recorded may be misappropriated.
3. Cash sales may be recorded as credit sales to illusory debtors and misappropriated.
4. Discount allowed may be over stated and the cash may be misappropriated.
5. Cash sales may be under-recorded or not recorded. The amount may be
misappropriated.
6. Good debts may be recorded as bad debts and cash may be misappropriated.
7. Cash deposits into bank may be delayed to cover misappropriation of cash.
8. False entries for sales returns may be recorded.
Vouching of Cash Sales:
In case of cash sales, the chances of fraud are comparatively greater. For example, the
salesman may sell goods but may not record the same in the cash book thus, misappropriating
the money. Therefore, the auditor should examine the effectiveness of the internal control
system in operation in regard to cash sales.
The auditor can vouch the cash sales in the following ways:
1. Internal check: Auditor should evaluate the internal check and he has to rely on it
only if it is a proper system.
2. Checking of cash sales memos: Auditor should check the cash sales memos and
compare it with the daily summaries of cashier and salesman.
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3. Entries in the cash book: Auditor should verify the figures of the salesman and
cashier summaries entry in the cash book.
4. Guidance to client: If the internal check system is found to be ineffective, the auditor
should immediately report the dangers of frauds to his clients and should suggest
remedial measures.
5. Comparison of cash book: Auditor should compare the cash book with the general
ledger and match the entries.
6. Checking of cash register: If cash register is used, auditor should check the total
daily rolls with the entries in the cash book.
7. Verification of date: The date of cash memo and the date of cash receipts which are
recorded in the cash book must be the same. If there is a difference in date, it has to
be enquired.
8. Checking of price lists: With regards to cash sales, the auditor should obtain and
verify the price lists and other instructions by the authorized persons.
Vouching of Receipts from Debtors:
The cash received from customers to whom goods have been sold on credit can be vouched
with the help of the counterfoils of the receipts issued to them. But these counterfoils or
carbon copies are not reliable, because they are subject to many frauds.
The auditor should consider the following steps in vouching receipts from debtors:
1. Verify the internal check system with regard to the sales as a whole.
2. The auditor should ensure that the unused counterfoil receipts are kept in safe custody
of the authorized person.
3. An auditor should check that all spoiled receipts are attached to the counterfoils and
he has cancelled them.
4. Verify the dates on the counterfoils with those in the cash book.
5. The practice being followed with regard to receipts through cheques should be noted
and if no official receipts are being issued, he should verify the daily lists of such
receipts with the entries in the cash book.
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ABHISHEK D K, COMMERCE LECTURER.
6. In respect of discount allowed to debtors, the auditor should ascertain the terms on
which discount is allowed and test check a certain number of entries to ascertain
whether the discount allowed isn in order.
7. Special attention should also be paid to the amount shown as bad debts written off as
cash can be misappropriated by writing off of the whole or a part of the debit balances
as bad. He has to ascertain as to who is responsible for writing off debts as bad. He
should with the permission of the client, establish direct contracts with the debtors by
sending them the statements or verification slips from time to time and asking them to
send their confirmation directly to him.
With regard to receipts from debtors, fraud may be committed by the process of “teeming and
lading” that is not entering cash in the cash book received from a debtor and entering it only
when a similar amount is received from another debtor and so on. Of course, no
misappropriation is committed but the practice should be checked because there is the loss of
interest for the period money is misappropriated and the cashier may be tempted to commit
such a fraud of bigger amount and may not be able to replace the same.
Vouching – Proceeds From Sale of Investments:
The auditor should consider the following steps:
1. The auditor has to ensure that the sale of investments is made on the proper
authorization of the Board or competent authority.
2. The investments are usually sold through brokers. Therefore, the auditor should
examine brokers sold note to verify the date of sale, the amount received and the
commission changed.
3. He should note as to whether the sale has been cum-dividend and if so, the dividend
has subsequently been received and the sale proceeds have been proportioned
between capital and revenue. If investments are sold ex-dividend, he has to see that
the dividend has been received if declared.
4. If the sale of investment has been made through the bank, the bank advice should be
verified.
5. The auditor should ensure that the proper disclosures are made as per AS 13 as
follows:
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a) Interest, dividends and rentals on investment are to be shown in the P/L a/c at
the gross value and TDS as advance tax paid.
b) Showing separately profit and loss on disposal and changes in carrying the
amount of current and long term investment.
Vouching of Payments:
Vouching of payments means vouching of the payments side or credit side of the cash book
or vouching of cash payments.
Common errors and frauds as regards cash payments:
1. False purchase invoices may be prepared, and the amount may be misappropriated.
2. The difference of amounted after the payment is overstated, it may be
misappropriated.
3. The old vouchers on which the payment is already made, may be shown as the
supporting document and the amount may be misappropriated.
4. Unreal payments may be recorded in the books, and the amount may be
misappropriated.
5. Dummy workers may be included in the wages sheets and the amounts may be
misappropriated.
6. In the name of fictitious person, cheques may be issued and the amounted may be
misappropriated.
7. Cheques may be forged.
8. The amount entered on the cheque may be altered after it is signed by the authority
and the amount may be misappropriated.
While vouching the cash payments, the following must be borne in the mind by the auditor:
1. Whether the payment is made to the right person.
2. The payment in cash book and in the rough book has to be compared.
3. The payments that are credited in the cash book have been made to the right person.
4. The amount of payment recorded in the cash book tallies with the amount shown in
the voucher.
5. Whether the payment is made for the business purpose only.
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6. Whether the payment related to the period under audit.
7. The authorized person has duly sanctioned the payment.
8. Whether the payment is supported by the documentary evidence called voucher.
9. Whether all the related provisions of the Companies Act are compiled with.
10. The vouchers should be properly checked as regards the arithmetical accuracy of the
amount and the propriety of the payment by the Chief Accountant or other responsible
office.
11. All vouchers should be cancelled by the Auditor as soon as he checks them and passes
the entries in his audit in order to prevent their production once again in support of
subsequent fraudulent or fictitious payment. Either a rubber stamp bearing his name
should be used for the purpose or the voucher should be initialled by the Auditor in a
prominent place, preferably in the middle.
12. The auditor should check the due date of the payment. If the payment is made before
the due date, the auditor must check the reasons for such early payments.
13. The auditor has to check that the payment must not be improper from the legal point
of view.
The following are the important items appear on the debit side of cash book:
a. Cash purchases.
b. Payment of Wages.
c. Payment of Salaries.
d. Revenue expenses.
e. Payments to creditors.
f. Cash paid on bills payable.
g. Payment on loans.
h. Purchase of investments.
i. Acquisition of copyrights and patents.
j. Purchase of Land and Building.
k. Purchase of Plant and Machinery.
l. Director’s fees.
m. Rent paid.
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n. Agent’s commission.
o. Travelling expenses.
p. Dividend paid.
q. Repairs to assets, etc.
Vouching of Petty Cash Payments:
The chances of keeping proper vouchers are less in case of the petty cash. Therefore, the
chances of misappropriation are high. So, the system of internal check should be studied
thoroughly.
If the system is found good, the following method can be adopted to vouch petty cash:
1. Payments made to the petty cashier for petty expenses should be checked with the
entries in the cash book.
2. The totals, balances, etc. of the petty cash book is to be checked.
3. The auditor should instruct the client to keep voucher for every expenditure exceeding
Rs. 2 or so on.
4. Expenses for which vouchers are not available, the auditor should ask for a summary
of the expenses form the petty cashier with due signatures from the responsible officer.
5. In order to ensure that petty cash payments are bonafide, the auditor should instruct
that petty cash book should be periodically checked and initialed by some responsible
person.
6. The auditor has to either count or verify the closing balance of the petty cash or he has
to give the instruction that it should be deposited into the bank.
Vouching of Cash Purchases:
The following steps are to be adopted by the Auditor to vouch the Cash Purchases:
1. The auditor should check the entries in the cash book with the cash memo or receipted
invoices supplied by the suppliers.
2. The auditor must ensure that the net amount of purchase (i.e. purchases minus trade
discount) is entered in the cash book.
3. The auditor has to make sure that the goods are received for the payment that is made
and it is entered in the purchase book or stores ledger, etc.
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4. He should see that the purchases are duly authorized.
5. He should see that the amount of payment made is recorded to the appropriate account.
6. The auditor must make sure that the goods are purchased and the payment made is for
the business purpose only. It should not be for the personal use or for the other
business.
Vouching of Payment to Creditors:
The following vouching procedures should be adopted for the payment to creditors:
1. The auditor must check the payments made to creditors against credit purchases with
reference to the receipts issued by the creditors and the entries that are made in the
purchase day book.
2. He has to check for the evidence for the goods received in the purchase book or stores
ledger.
3. The auditor must ensure that the purchase of goods from the supplier is for the
purpose of business only.
4. Vouch the cash payment to creditors for the purchases.
5. The auditor must ask for the duplicate copy of the missing voucher for the payments
made to the creditors.
6. The auditor can ask the sellers to provide statement of sales. The amount paid and
payable can be examined. The vouching of entries with the accounts sale statement is
essential.
7. The auditor should see that the purchases are duly authorized.
Vouching for Deferred Revenue Expenditure:
Deferred Revenue Expenditure:
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ABHISHEK D K, COMMERCE LECTURER.
Prof. Arnold Thomson defines deferred revenue expenditure as “non–recurring expenditures
which are expected to be of financial benefit to several accounting periods of indeterminate
total length”.
Deferred Revenue Expenditure is of revenue in nature. Its benefit is not only available for
the year in which such expenditure is incurred but also available for the subsequent years.
Therefore, the entire amount of such deferred revenue expenditure cannot be charged to the
P/L a/c in the year when such expenses are incurred. It is called the deferred revenue
expenditure because, it’s writing off is deferred or spread over the years in which such
benefits are available.
The examples of Deferred Revenue Expenditures are preliminary expenses or formation
expenses, experimental expenditures, research expenditures on business, cost of shifting the
business to a more convenient place, huge advertisement expenses, exceptionally heavy
repairs, underwriting commission on issue of shares and debentures, brokerage on the issue
of shares and debentures, discount on issue of shares and debentures, costs incurred for
dismantling, removing and re-erecting plant and machinery.
The duties of an auditor with reference to deferred revenue expenditure:
Some of the important duties of an auditor with in connection with deferred revenue
expenditure are:
1. The auditor should see that only genuine deferred expenditure is written off over a
period of time.
2. The auditor should check whether illegitimate expenses are written off over a number
of years to show more profit in the profit and loss account.
3. The auditor should check all the entries and vouchers to know the correctness of the
amount amortized.
4. It is the duty of the auditor to see that the deferred revenue expenditure is correctly
spread over a number of years and the amount is correctly calculated and debited to
profit and loss account.
5. The auditor should ensure that the amount of the expenditure which is not written off
is shown in the asset side of the balance sheet.
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Preliminary Expenses:
Preliminary expenses are the expenses incurred at the time of promotion, floatation or
incorporation of a company. The following items are usually included in this head:
1. Cost of printing memorandum of association, articles of association, prospectus, share
applications, allotment letters, share certificates, etc.
2. Legal expenses towards drafting the memorandum of association and articles of
association.
3. Accountant’s fees and valuer for report, certificate, etc.
4. Registration fees and stamp duty, etc.
5. Expenses with regards to contract and agreement along with stamp duty.
6. Cost of prospectus and advertisement expenses.
7. Cost of company’s seal.
8. Cost of statutory books.
9. Cost of preparing, printing and stamping debentures and debenture trust deed.
Auditor’s duties in relation to preliminary expenses:
1. The first and foremost duty of an auditor is to see that whether the expenses
capitalized as preliminary expenses are actually related to the formation of the
company.
2. It is the duty of the auditor to see that due approval is made by the Board of Directors
regarding the expenses related to formation of the company.
3. The auditor must check the rightness of the entries.
4. In some cases, the approval from the shareholders is also necessary to incur the
preliminary expenses. The auditor should see in such cases the approval is duly taken.
5. Under the Income Tax Act, the company is entitled for certain exemption. The
auditor must see that it is dealt properly.
6. He has to examine the supporting papers and vouchers, contracts, agreements, etc. to
support the promoter’s claims.
7. He should check the bills and receipts issued by the printer of the Memorandum and
Articles of Association, share certificates.
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8. Ascertain Board’s minute book for the decision to write off the preliminary expenses
over the period of time.
Cost on Issue of Shares and Debentures:
It refers to the cost incurred by the company on the issue of shares and debentures to the
public. It also includes the discount allowed on issue of shares and debentures if any.
The cost on issue of shares and debentures is capital in nature. It is shown in the asset side of
the balance sheet under the head miscellaneous expenditure, it is a fictitious asset. It is not
necessary to write off the fictitious asset as per the Companies Act. However, it is written off
over a period of time.
Auditor’s duties in connection with cost of issue of shares and debentures:
1. An auditor should ensure that all the provisions of the Companies Act relating to the
cost of issue of shares and debentures are compiled with.
2. The auditor should verify that the amount of cost of issue of shares and debentures
which are written off is debited to profit and loss account and that portion of the cost
of issue of shares and debentures which are not written off is shown in the assets side
of the balance sheet under the head miscellaneous expenditure.
3. The auditor should advise the company to write off the cost of issue of shares and
debentures as early as possible even though it is not statutory to write off.
Vouching of Underwriting Commission:
Underwriting commission is the commission paid by the company to the underwriters who
has purchased that number of shares which are not subscribed by the public.
The conditions laid down under the Companies Act for the payment of underwriting
commission are as follows:
1. The payment of underwriting commission should be authorized by the Articles of
Association.
2. The underwriting commission must be within 5% of the price of share and in case of
debentures, the commission should be within 2.5% of the price.
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3. The prospectus or statement of lieu of prospectus of the company must disclose the
rate of underwriting commission.
4. The number of shares and debentures that are underwritten should be mentioned in
the prospectus.
5. The Registrar of Company must be provided with a copy of underwriting agreement
at the time of issue of prospectus.
Duties of an auditor in connection with vouching of underwriting commission:
1. An auditor should ensure that all the provisions of the Companies Act are followed.
2. The auditor should check the Articles of Association of the company and find out that
the payment of underwriting commission in authorized or not.
3. The auditor should ensure that the rate of commission paid to the underwriters should
not exceed 2.5% of the price of debentures and 5% of the price of shares.
4. He has to see that the underwriting commission that is written off is shown in the
profit and loss account and the balance of underwriting commission which is not
written off is shown in the assets side of the balance sheet under the head
miscellaneous expenditure.
5. If the underwriters are issued shares instead of commission, such contracts are to be
filed with the Registrar of Companies and the same has to be noted in the financial
statements.
Vouching of Travelling Expenses:
Rules framed by the Company for Re-imbursement.
Authorized by Proper Officials.
Vouch copies of Air / Railway Tickets and Hotel Bills.
Foreign Travelling Expenses – Authorization by Board or Partner.
Travelling Allowance given as Expense – Check Calculations.
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Vouchers supported by full details of Expenses.
Extraordinary type of travelling – Authorized by Responsible Person.
Vouching is the essence of Auditing:
“Testing the Truth of Items appearing in the Books of Original Entry”.
Verification of Entries in the Books of Accounts by examination of Invoices, Debit
and Credit Notes, Statements, Receipts, etc.
In other words, Vouching is the “Backbone of Auditing”.
Basic Objectives of Vouching:
Transactions recorded in the Books of Accounts.
Are in Order.
Have been Properly Authorized.
Correctly Recorded.
Vouching – Proceeds From Sale of Investments:
The auditor should consider the following steps:
6. The auditor has to ensure that the sale of investments is made on the proper
authorization of the Board or competent authority.
7. The investments are usually sold through brokers. Therefore, the auditor should
examine brokers sold note to verify the date of sale, the amount received and the
commission changed.
8. He should note as to whether the sale has been cum-dividend and if so, the dividend
has subsequently been received and the sale proceeds have been proportioned
between capital and revenue. If investments are sold ex-dividend, he has to see that
the dividend has been received if declared.
9. If the sale of investment has been made through the bank, the bank advice should be
verified.
10. The auditor should ensure that the proper disclosures are made as per AS 13 as
follows:
c) Interest, dividends and rentals on investment are to be shown in the P/L a/c at
the gross value and TDS as advance tax paid.
19. B. COM 6TH
SEMESTER.
PRINCIPLES AND PRACTICE OF AUDITING.
19
ABHISHEK D K, COMMERCE LECTURER.
d) Showing separately profit and loss on disposal and changes in carrying the
amount of current and long term investment.
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