Vouching is the process of examining and verifying original documents related to financial transactions recorded in the books of accounts. It helps auditors ensure entries are accurate, authorized, and recorded in the proper period. The objectives of vouching are to verify proper evidence and authority for entries, confirm amounts and dates, check for errors or fraud, and assess compliance with accounting principles. Procedures include reading vouchers, comparing to entries, ticking verified items, signing/stamping vouchers, querying doubtful items, and discussing objections with management.
Are you Searching for the information about Vouching?Here is the brief explanation about how to vouch few items and can gain knowledge within Short time...
Thanks for viewing my PPT.....
AUDIT ASSIGNMENT- M.COM PART II – SEMESTER IV, AUDIT REPORT, CARO 2015, AUDIT REPORT OF JINDAL STEEL & POWER LIMITED, SA 230 AUDIT DOCUMENTATION (REVISED), SA 500: AUDIT EVIDENCE.
Presentation on vouching and verification for the benefit of B Com financial Audit students, topics covered are vouching of revenue items , verification and valuation of capital expenditure, receipts and valuation and verification of inventory
this article is helpful for the takeover of incumbent management by the coming management in the company. this article encompass circumstance after the acquisition of the company but before actually taking over.
Partnership Accounts
Cambridge IGCSE 7707
Cambridge O Level
Edexcel IGCSE
All the theories, past papers, model questions
you can contact me for further support:
wtsapp : +94 77 903 59 40
Are you Searching for the information about Vouching?Here is the brief explanation about how to vouch few items and can gain knowledge within Short time...
Thanks for viewing my PPT.....
AUDIT ASSIGNMENT- M.COM PART II – SEMESTER IV, AUDIT REPORT, CARO 2015, AUDIT REPORT OF JINDAL STEEL & POWER LIMITED, SA 230 AUDIT DOCUMENTATION (REVISED), SA 500: AUDIT EVIDENCE.
Presentation on vouching and verification for the benefit of B Com financial Audit students, topics covered are vouching of revenue items , verification and valuation of capital expenditure, receipts and valuation and verification of inventory
this article is helpful for the takeover of incumbent management by the coming management in the company. this article encompass circumstance after the acquisition of the company but before actually taking over.
Partnership Accounts
Cambridge IGCSE 7707
Cambridge O Level
Edexcel IGCSE
All the theories, past papers, model questions
you can contact me for further support:
wtsapp : +94 77 903 59 40
IT CONTAINS BASICS OF AUDIT AND AUDITOR
MEANING OF AUDIT, DEFINITION, ORIGIN AND DEVELOPMENT, TYPES OF AUDIT, DIFFERENCE BETWEEN ACCOUNT AND AUDIT, AUDITOR
IT WILL HELP THE STUDENTS TO UNDERSTAND THE BASIC OF AUDIT.
Concept of Vouching. B.Com(Hons) /B.CompdfUmakantAnnand
Concept of Vouching
It is the essence of auditing. The auditor can examine the documents that support and confirm a transaction. There is need to test the truth of items recorded in the books of accounts. Vouching means to prove an entry in the accounting record with documentary evidence as well as to see that transaction has been properly authorized and recorded in the books of original entry. The auditor can make an opinion after going through the relevant vouchers and other records. There should be no missing entry and there is no wrong payment made to outside parties. The goods and services purchased must relate to the nature of the business. It tells that transaction is valid, accurate, and complete in all respects.
Definition of vouching
• L. R. Dicksee says that vouching is an act of comparing entries in the books of accounts with documentary evidence in support thereof.
• Joseph Lancaster says that vouching is an examination of the ledger entries as will satisfy the auditor not only that the entry is supported by the documentary evidence but it has been properly made upon the books.
Objectives of vouching
1) Proper evidence: The purpose of vouching is to note that proper evidence is available for every entry. The signatures, initials and rubber stamp are evidence that document has been authorized and checked:
2) Proper authority: The purpose of vouching is to note that there is proper authority behind every transaction. The transactions are not acceptable at all in the absence of signature of the manager.
3) Right period: The purpose of vouching is to check that date of the vouchers relates to the accounting period. The adjustments in books are made on the basis of current year record of the transaction.
4) Correct amount: The purpose of vouching is to check that correct amount has been recorded in the entry. The vouching is helpful to record only exact amount in the books of accounts.
5) Capital and revenue expenses. The purpose of vouching is to scrutinize the analysis of transaction into capital or revenue. The expense relating to one year is treated as revenue otherwise it is called capital.
6) Purchase for business: The purpose of vouching is to confirm that purchases relate to the nature of the business. Vouching helps to confirm that private purchases are not recorded as business purchases.
7) Arithmetical accuracy: The purpose of vouching is to an arithmetical accuracy of books of accounts. The auditor can confirm that books are accurate by checking totals, sub-totals, of casting and posting.
8) Postings: The auditor can vouch posting ledgers; He can see through vouchers that postings are complete and correct.
9) No errors: The purpose of vouching is to check and confirm that there are no errors in books of accounts. The errors are the result of negligence or overwork. Audit staff is not overloaded so that they can find errors.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
The new type of smart, sustainable entrepreneurship and the next day | Europe...
Chapter 04
1. Chapter 4 - Vouching
* Vouching
* Principles of Vouching
* Techniques of Vouching
* Objectives of Vouching
* Procedures of Vouching
Introduction
It means to test the truth of items appearing in the books of original entry. It is an
important part of an auditor's duty to certify as correct the transactions recordedin the
looks of accounts. The Accountant of a business is responsible for passing entries in the
books of prime entry. The question arises how and on what basis such entries have been
passed. The auditor's primary duty is to check these entries and only then certify the
accounts as correct and free from any error or fraud.
Definition
A careful examination of all original evidence such as invoice receipt of correspondence
minutes, contracts etc.
Vouching is very useful in proving the accuracy of the entries in the books of accounts. It
also indicates about that transaction, which is omitted from the books of account.
Importance
Vouching is called the essence of auditing. So audit is not possible without vouching. The
object of vouching is to find out the accuracy of the entries appearing in the books of
accounts and detect that no entry has been omitted from the books of account.
Principles of Vouching
1. Arranged Voucher
In the books of accounts the vouchers are based an entry. A voucher is helpful to support
2. any transaction, which may be cash memo fill, voucher, ticket or others.
2. Checking of Date
The voucher date can also be checked; it must be related to the current year. The date of
the last or future year must not be adopted.
3. Checking of Authority
The vouchers are considers correct only when the proper authority signs on them. For the
approval of the dealing the owner or the management must put the signatures for the
approval of dealing if the vouchers are without the signatures of the proper authority.
They are not considers the true.
4. Cutting or Change
There should be no changes in the vouchers. Any person for making the fraud can change
the time, date, amount and name of concern. So, these changes cannot be acceptable till
the approval authority has made the signature.
5. Compare the Words and Figures
The auditor should satisfy himself amount written on the vouchers, it figures and words
are same or not.
6. Transaction Must Relate to Business
For the correctness of the vouchers it is necessary that it relate with the business.
Concern, the vouchers must be in the name of the business and also the manager. If it
does not the vouchers are not acceptable and doubtful.
7. Case of Personal Vouchers
The auditor should not accept the voucher in personal name. There is a chance than an
officer of the company has purchased any item in his personal capacity.
8. Checking of Account Head
Auditor must be satisfied about the head of account in which cash is deposited and
drawn. He should examine the documentary evidence in these regards.
9. Revenue Stamps
For the stamps, the stamps act 1899 is applicable while fixing the revenue stamps. The
stamps are required according to the valuation of the amount or cash memo. There is no
need of vouchers if amount is less than twenty rupees.
3. 10. Case of Cancelled Voucher
The auditor should not accept the cancelled vouchers because it has already served the
purpose of payment. There will be a danger of double payments, if it is accepted.
11. Important Notes
For finding the correct decision, the auditor can also take help from the working papers of
the previous year and others paper or note related to business and available with the
management.
12. Minutes Book
When the meeting of shareholders is held. All the resolutions and decisions of the
directors and shareholders are recorded in the minute's book. This minutes book must be
examine by the auditor. He has to check that these decisions have been implemented in
the books of accounts or not.
13. By Laws
In case of company the article of association and memorandum are basically the rules
and regulations. But on the other hand in the societies and clubs the by laws are used to
determine the powers of management. The auditor goes through these rules and
regulations to find the true and fair view.
14. Agreements
The auditor must examine all the related papers of the business such as the agreement,
correspondence and others. The basic information can be received to the auditor by such
papers.
15. Deed of Mortgage
Some times, you are the sale or purchase of any assets, the management can enter into
the agreement is prepare in this case. If the agreement is prepare in this case. If the
agreement is made for a loan against the immovable property then the mortgage deed is
signed. It is compulsory for the auditor to study the content of the deed.
Techniques of Vouching
1. Correct Accounts
The auditor can check the accounts debited and creditedare correct in all respects. The
rules of debit and credit can be followed for dividing the transactions into accounts.
2. Agreements
The auditor must examine the agreements, correspondence and other papers relating to
business activities. Such agreement provides basic information to the auditor. He can
vouch the transactions based on such agreements.
4. 3. By-Laws
The memorandum and articles of association are rules and regulations in case to
company. The by-laws of societies and clubs and used to determine management power.
The auditor has the right to go through these rules and regulation.
4. Mortgage Deeds
The management may enter into agreement with any party for the purpose and sale of
assets. The deed or agreement is prepared. In case of loan against immoavable property
mortgage deed is signed. The content of deed must be situated.
5. Minutes Book
The auditor should examine the minute's book. The resolution and decision of directors
and shareholder are recorded there. He can see that such decision have been
implemented in the books of accounts.
Objectives of Vouching
1. Proper Evidence
The purpose vouching is to note that proper evidence is available for every entry. The
signatures, initials and rubber stamp are evidence that document has been authorized
and checked.
2. Proper Authority
The purpose of vouching is to note that there is proper authority behind every
transaction. In the absence of any signature of manager the transaction are not
acceptable at all.
3. Right Period
The purpose of vouching is to check that date of the vouchers relate to accounting period.
The adjustments in books are made on the basis of current year record of transactions.
5. 4. Correct Amount
The purpose of vouching is to check that correct amounts have been recorded in the
entry. The vouching is useful to record only correct amounts in the books of accounts.
5. Capitals and Revenue Analysis
The purpose of vouching is to examine the analysis of transaction into capital and
revenue. The expense relating to one year is treated as revenue other wise it is called
capital.
6. Purchase for Business
The purpose of vouching is to check that purchase relate to the nature of business. The
private purchase cannot be recorded as business due to vouching.
7. Arithmetical Accuracy
The purpose of vouching is to see the arithmetical accuracy of books of accounts. The
auditor to confirm that books are accurate can check the total subtotals, casting and
posting.
8. Postings
The postings of total from journal to the ledger can be voucher by the auditor. He can see
through vouchers that posting are complete and correct.
9. No Error
The purpose of total vouching is to check that there are no errors in the books of
accounts. The errors are the result of carelessness or over work. But audit staff is not
over loaded so they can locate error.
10. No Fraud
The purpose of vouching is to examine that no fraudulent payments are made. The fraud
can be committed due to matching of minds of employees and customer. The auditor can
vouch the entries top disclosed such frauds.
11. Castings
The purpose of vouching is to check castings or loads. The auditor can calculate all total
by himself. He can compare the totals with books to maintain accuracy.
12. Cast at Bank
6. The purpose of vouching is to determine true cash at bank. He can vouch receipt and
payments. The result is that he can check whether cashbook is correct or not.
13. Cash Balance
The purpose of vouching is to check that cash in hand figures are facts. The cash can be
counted. He can compare it with cashbook. He can apply test checking to determine
accuracy.
14. Reporting
The purpose of vouching is to form an opinion for the purpose of reporting. In case of
true and fair view there is good report. In the absence of such result there may be
qualified report.
Procedures of Vouching
1. Reading Out
The vouching is a task of the auditor. The junior audit can read out the contents of the
vouchers. He can inform the senior auditor about the data name of organization, number
of voucher and amount of vouchers.
2. Comparison
The senior can head the contents called out by junior auditor. He tally each and every
item statedin the voucher with entries in the books of accounts. Thus comparison is a
part of vouching procedure.
3. Ticking
The senior auditor can use various ticks or symbols to clear the items checked. The ticks
may be an abbreviation of words. Such ticks or symbols may differ from auditor to
auditor because these are code words.
4. Stamping
The senior auditor instead of signature or initials he can use stamps for checking the
vouchers can use the rubber stamps. The rubber stamp may have the wording checking
and cancelled on it.
7. 5. Signatures
The senior auditor can vouch the entries with the help of vouchers. He can put his
signature or initials on every voucher for safety measures. The signed vouchers cannot
be presented again for another entry.
6. Query
The voucher may be missing. The entries may be doubtful due to over writing and
erasing. The audit staff can make the word "Q" against such entry. This entry is recorded
in working papers.
7. Management
The audit staff can be giving sometime to the management for clearing the objections.
The doubtful entries are handed over in written form. The management can examine the
record in detail.
8. Reply
The management may reply after one or two days about the doubtful entries. The auditor
can examine the reply of the managers. The auditor can judge whether the reply is right
or wrong.
9. Clearance
The audit staff can clear the query for which proper answer is made available. The
auditor may not be satisfied with the answer of objections. He can inform the
management about this query.
10. No Satisfactory
The auditor may reject the unsatisfactory reply. He has skill, training and experience. He
can use all available means to test the truth. He can note down poor clarification in
working papers.
11. Objections
The objection stated in the working papers can be discussed with the management at the
end of audit. He can form an opinion on the basis of such objections. He can submit his
report either clear or qualified.