Tuesday, January 19, 2021
07:36 PM (GMT +5)

Go Back   CSS Forums > CSS Optional subjects > Group I > Accounting & Auditing

Reply Share Thread: Submit Thread to Facebook Facebook     Submit Thread to Twitter Twitter     Submit Thread to Google+ Google+    
 
LinkBack Thread Tools Search this Thread
  #1  
Old Thursday, April 14, 2011
Muhammad Adnan Anwar's Avatar
Senior Member
 
Join Date: Jun 2010
Location: Faisalabad
Posts: 157
Thanks: 15
Thanked 17 Times in 14 Posts
Muhammad Adnan Anwar is on a distinguished road
Default Auditing improtant definations

i am going to start a post about Auditing important definitions
this question was compulsory in 2011 css paper.
hope it will be beneficiary for aspirants who opt accounting and auditing.







Audit.
A.W.Hanson.
“An audit is an examination of such records to establish their reliability and the reliability of statements drawn from them.”
Montgomery says.
“Auditing is a systematic examination of the books and the records of a business or other organization, in order to ascertain or verify and report upon the facts regarding its financial operation and the result thereof.”
Types of audit according to time.
1) Continuous audit.
2) Interim audit.
3) Final audit.
Continuous audit.
The audit which remain continue throughout the year is called continuous audit.
Interim audit.
When an audit is conducted up to a particular date within the accounting period, it called and interim audit.
Final audit.
Final audit is an audit which is commenced after the end of the financial period, and is then carried on until completed.
Audit program.
Audit program is a written scheme or list of work to be done by an auditor and his staff.
HOWARD F. STETTLER
“Audit program is an outline of all procedures to be followed in order to arrive at an opinion concerning a client’s financial statements.”
Audit standards.
The basic principles and practices which are normally expected to be followed by the auditor in the conduct of audit are called auditing standards.
Auditor.
A person who is appointed to examine the books of accounts of a business entity and to report upon them to such entity member is called auditor.
Qualification of an auditor.
The auditor must be a chartered accountant.
Types of audit on the basic of organizational structure.
1)
2) Statutory audit.
3) Governmental audit.
4) Private audit.
Statutory audit.
An audit which is compulsory for limited companies under the Companies Ordinance 1984, Banking Companies Ordinance 1962, Insurance Act 1938, and Co-Operative Societies Rules 1927 etc. performed by a Chartered Accountant is called statutory audit.
Governmental audit.
An audit which is concerned with municipal committee, Govt department and organization and auditor general general is authorized to conduct this audit is called governmental audit.
Private audit.
An audit which is voluntarily conducted to examine the accounts of sole tradership and partnership is called private audit.
It is not compulsory according to law, so it is called private audit.
__________________
Destiny is the Human Guardian
(Hazrat Ali R.A)
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Accounting and Auditing MOHIUDDIN Accounting & Auditing 82 Monday, February 19, 2018 07:58 PM
Plz guide me about accounting and auditing Zohaib786 Accounting & Auditing 26 Wednesday, June 05, 2013 04:31 PM
help about accounting and auditing Muhammad Adnan Anwar Accounting & Auditing 4 Sunday, June 12, 2011 06:44 PM
Why accounting & auditing is normally not selected as optional subject? akeel mohsen Subject Selection 9 Thursday, November 04, 2010 08:15 PM
Accountancy and Auditing Papers 2007 Last Island CSS 2007 Papers 1 Thursday, October 11, 2007 01:15 AM


CSS Forum on Facebook Follow CSS Forum on Twitter

Disclaimer: All messages made available as part of this discussion group (including any bulletin boards and chat rooms) and any opinions, advice, statements or other information contained in any messages posted or transmitted by any third party are the responsibility of the author of that message and not of CSSForum.com.pk (unless CSSForum.com.pk is specifically identified as the author of the message). The fact that a particular message is posted on or transmitted using this web site does not mean that CSSForum has endorsed that message in any way or verified the accuracy, completeness or usefulness of any message. We encourage visitors to the forum to report any objectionable message in site feedback. This forum is not monitored 24/7.

Sponsors: ArgusVision   vBulletin, Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.