1. An auditor is responsible for examining a company's accounting records and financial statements to ensure they are accurate and in accordance with relevant standards and regulations.
2. Key qualifications for an auditor include being a chartered accountant certified by the Institute of Chartered Accountants of India. Important qualities are sovereignty, honesty, strong communication skills, maintaining confidentiality, and expertise in business and accounting.
3. Primary duties of an auditor are to produce an audit report, make proper disclosures in the report including whether the financial statements accurately represent the company's performance and financial position, and endorse the finalized audit report.
Every company has to mandatorily appoint statutory auditors for examining the true and fair view of the financial statements and to express an opinion on such financial statements. Apart from statutory auditors, there are other types of auditors to be appointed for monitoring the statutory compliances, risk / fraud management system, internal control system and for reviewing the overall performance of the management and various functions in an organisation. The webinar covers the aspects of provisions relating to appointment of statutory auditors/ internal auditors, qualification and eligibility criteria for appointment, statutory compliances and judicial precedents.
This presentation explains about the meaning as well as various types of audit report which an auditor has present in his books of accounts for the sake of the company's shareholders and various other groups.
Every company has to mandatorily appoint statutory auditors for examining the true and fair view of the financial statements and to express an opinion on such financial statements. Apart from statutory auditors, there are other types of auditors to be appointed for monitoring the statutory compliances, risk / fraud management system, internal control system and for reviewing the overall performance of the management and various functions in an organisation. The webinar covers the aspects of provisions relating to appointment of statutory auditors/ internal auditors, qualification and eligibility criteria for appointment, statutory compliances and judicial precedents.
This presentation explains about the meaning as well as various types of audit report which an auditor has present in his books of accounts for the sake of the company's shareholders and various other groups.
The word, ‘Audit’ is derived from the Latin term “audire” which means to hear. Audit is a thorough review of a department’s records and reports, in order to verify that assets and liabilities are properly recorded on the balance sheet and all profits and losses are properly assessed. To meet the objectives of Audit, verification of revenue, expenditure, bank deposits, bank reconciliations, accounts payable and accounts receivable, cash, loans and advances, disbursement and regular transactions is very necessary.
A. Primary Objectives of Audit
B. Subsidiary Objectives of Audit
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
B. Subsidiary Objectives of Audit:-
Detection and prevention of errors:
Errors of principle
Errors of omission
Errors of commission
Compensating errors
Errors of Duplication
THERE ARE SO MANY STANDARDS OF AUDITING, HERE IN THIS PDF, I HAVE EXPLAINED ANY 10 STANDARDS ON AUDITING WITH FLOWCHARTS, PICTURES FOR BETTER REFERENCE OF THE TOPIC
auditing is an examination of accounting
records undertaken with a view to establish whether they correctly and completely reflect the transactions to which they relate.
The word, ‘Audit’ is derived from the Latin term “audire” which means to hear. Audit is a thorough review of a department’s records and reports, in order to verify that assets and liabilities are properly recorded on the balance sheet and all profits and losses are properly assessed. To meet the objectives of Audit, verification of revenue, expenditure, bank deposits, bank reconciliations, accounts payable and accounts receivable, cash, loans and advances, disbursement and regular transactions is very necessary.
A. Primary Objectives of Audit
B. Subsidiary Objectives of Audit
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
B. Subsidiary Objectives of Audit:-
Detection and prevention of errors:
Errors of principle
Errors of omission
Errors of commission
Compensating errors
Errors of Duplication
THERE ARE SO MANY STANDARDS OF AUDITING, HERE IN THIS PDF, I HAVE EXPLAINED ANY 10 STANDARDS ON AUDITING WITH FLOWCHARTS, PICTURES FOR BETTER REFERENCE OF THE TOPIC
auditing is an examination of accounting
records undertaken with a view to establish whether they correctly and completely reflect the transactions to which they relate.
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.
ELEMENTS OF AUDITING
AUDIT AND INVESTIGATION
Definition
AUDIT
- Is the formal examination, correction, and official endorsing of financial account, especially those of a business undertaken annually by an accountant
- Inspection and verification of the accuracy of financial records and statements. Also involves systematic check or assessment especially efficient or effectiveness of an organization
AUDITING
- Is the examination of certain statement covering the transaction over certain period and financial position of an organization
- Is the examination financial statement covering over a period and ascertaining the financial position of organization on a certain date
AUDITOR
Is the an independent person appointed by company or an enterprise to examine its books of account
QUALITIES OF AN AUDITOR
I. Accounting knowledge.
An auditor should necessary have an academic qualification in accounting. This enable him to make evaluation and passing judgment of the financial records
II. Business knowledge.
This presentation covers the basic concepts of auditing.
Dr. Soheli Ghose ( Ph.D (University of Calcutta), M.Phil, M.Com, M.B.A., NET (JRF), B. Ed).
Assistant Professor, Department of Commerce,St. Xavier's College, Kolkata.
Guest Faculty, M.B.A. Finance, University of Calcutta, Kolkata
Recoupment of Short-workings
The right of Recoupment means the right given to the lessee by the lessor to carry-forward and set-off the short-workings from the surplus of royalties over the Minimum Rent. It can be of two types:
Fixed Right of Recoupment: When the lessor allows the lessee to adjust the short-workings only for a fixed period of time, it is known as Fixed Right of Recoupment.
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Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
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http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
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3. AUDITOR:
Definition: An auditor is a body who organizes an audit process.
He is the one who creates an audit report after due examination of
accounting records and accounting statements of the company
forming his impression/assumption regarding financial
statements fairness and reliability.
4. Qualification of an Auditor
According to law, no specific qualification is
recommended for the auditor in case of the
proprietary concern, but in the case of the
companies, the following qualification is must:
5. According to the Companies Act, 2013, a
chartered accountant having a certificate of
practice from the Institute of Chartered
Accountants of India can be a qualified auditor of
a company.
As per “Part B” of the State Law Act, 1953 a
person holding a certificate stating that he is
designated to act as an auditor.
6. QUALITIES OF AN AUDITOR:
Some relevant qualities that an auditor
should possess are as follows:
7. 1.Sovereignty:
The auditor should not make his decisions to the
will of his clients or any other person and should
keep himself free from any sympathy allegedly and
prepare financial statement of the management in
an impartial way.
8. 2.Honesty:
The auditor should always maintain sincerity while
operating his duties.
3.Conversation Skills:
In the course of managing a process of audit, the auditor
has to collaborate with numerous officers and parties;
thus, he should have excellent conversation skill.
9. 4.Maintain Confidentiality: The auditor should maintain the
privacy of the books of accounts unless authorized by the client
or enforced by the law.
5.Expertise: The auditor must have an awareness about the
client’s business and the current economic conditions, and a
consciousness about the laws such as taxation laws, companies
act and partnership act.
10.
11. 1.Examination: Cross-examination of the
company’s accounting system and internal control
system is necessary to safeguard the record’s
appropriateness.
2.Checking of Books: The books of accounts
should be checked thoroughly by an auditor to
ensure its arithmetical accuracy.
12. 3.Documentation: Proper documentation of the records
should be maintained by the auditor after investigating
documentary pieces of evidence. It helps him in gathering
the appropriate information about the transactions of the
business.
4.Full Incorporation: An auditor should properly analyze
whether all entries have been recorded in the books of
accounts or not while preparing the financial statement.
13. 5.Conventionality: Examining that the books of
accounts or financial statement should not contain
any fraudulent or faulty entry.
6.Authentication of Assets and
Liabilities: Verification of assets and liabilities for
checking their existence, valuation, completeness
and disclosure in financial statements.
14. 7.Statutory Consent: In case of audit of general
insurance companies and banks, the auditor
secures the compliance of financial statements
with the compatible decree.
8.Disclosure: Auditor examines whether the data
in the financial statement acknowledged
adequately or not. He discloses his point of view
by way of the audit report after the completion of
the audit process.
15. 9.Facts and Integrity: Auditor ensures financial
statement as a whole and serves an accurate and
fair view of profit/loss, assets and liabilities of a
company in the appropriate forms.
16.
17. 1.Duty to Produce an Audit Report:
Description to members: An auditor must generate
a statement to the members, yet he is not enforced
to send a report to every member.
Review of the auditor’s report: The report prepared
by the auditor intends to read in the general meeting
of the company. The report shall be open to any
member for inspection.
18. Capacity of audit report: The audit report should reveal
the accounts maintained by the auditor, i.e. profit and loss
statement, balance sheet of the company and the
chronicles annexed with these accounts.
19. 2.Duty to Produce Competent Disclosures in an Audit
Report:
Report on Appropriate and Impartial View: The auditor
shall state whether in his impression and to best of his
knowledge and bestow to the description given to him, the
balance sheet and profit and loss account give:
The instruction prescribed by the law; and
An authentic and fair view of the state of affairs of the
company.
20. Report on Principal Allegation: The audit report should
state:
Whether he has gathered all the material and justification.
Whether from his point of view, appropriate books of
accounts have been conserved.
Whether in his view, all accounting standards have
assembled.
Whether any director who has disqualified from being
appointed as a director.
21. Report on Precise Inquisition: This report describes:
Whether loans and advances built by the company in
support of security have been perfectly captured, and the
circumstances on which they have been formed are not
biased to the concern of the company or the members of
the company.
It states whether the book of entries is unfavourable to the
interests of the company.
22. Report on specific inquiries should state whether the
retail price of the shares, debentures, and other
guarantees held by the company is below its
purchase price.
23. 3. Duty to Give a Sense for Accomplishment
The aspect in which competence is made in the auditor’s report should be
as such that no allowance for doubt in the public minds. A qualification
should deliver the full description and not simply create grounds for the
impression of enquiry.
The auditor should appraise, wherever possible, the enact of the financial
statement’s capabilities, if the same is material.
It states whether it is not achievable to accurately quantify the
consequence of the qualifications he may use the authority estimates or
indicate the sense for not appraising the requirement’s effect.
24. 4. Duty to Endorse the Audit Report
The audit report or any other chronicle mandatory to be
signed or validated by the auditor may be endorsed by:
A person selected as an auditor of the company.
A firm selected as an auditor or by a partner of the firm
exercising in India.
