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    Balance sheet audit A partial audit invoNin;) tl ie complete verification of every item in balance sheet together lAtth a review 0:' r  ii l account to the extent required by the audit of related balancesheet accounts! inancial Audit  #$ehefal %ndeperident &xternal) eiamination conducted by an independent putlic accountant intended to serve as a basis for an expression ot opinion regardiig the fairness consistency and conformity with accepted accounting principles of statementsprepared by a corporation or other entity for submission to the public or other interested partes! ash audit %nvolves the examination of transactions affecting cash during a certain perioo and verification of cash balance at the end of said period! Internal audit An independent appraisal :(ictivity within an organi)ation for the review of accountingfinancial and other operations as a basis for service to management! Complete Audit Auditor is given   unre.iiricted scope   as to the wor* which ne is to perform! +ouching Audit %nvolves   examination   or    ,vouching,   of    doeuments   as   weli   as   investigation   of    transactions to form a representative proportion of the whole! 'ontinuous Audit -ne in which the auditor v%sits a client frequently during a fiscal period and at the time of his visit   brings up   to   date   all audit wor* since his preceding visit!.etailed Audit %nvolves the examination in detail of all transactions and records! Test Audit Involves the tests of selected records and transactions sufficient to obtain an opinionas to the overall reliabili'y of the transactions and records.Management Audit  A   comprehensive   and   constructive   examination   of    a   company's   organizational   structure,   plans,   obectives,   means   of operations   and   use   of human   and physical   facilities. ! artial Audit  Auditor is instructed to carry out particular #or$ only and is restricted as to his po#ers of in%uiry or examination. &ystem!Based Audit  'ne #hich emphasizes   'n   investigating the   system   of internal   control   and its   operation, bac$ed by test to substantiate the accuracy and reliability of the records. Interim Audit ne that is conducted to cover a certain time or up to a certain data #ithin a financial period.  Analyze To identify and c(assiiy items for further study) to resolve into elements or parts in relation to the #hole or one another.*oot To   verify the accuracy of vertical subtotals and totals) to add a column. +apping ithholding of current cash receipts #ithout entry being made in the boo$s until a subse%uent cash receipt is received from #hich the cashier pays the previously #ithheld amount. -lients /epresentation +etter   A   #ritten   statement   of    fact   or    opinion   re%uested   of    and   obtained   from   the   rnaragement of a company under audit. &hort *orm Audit /eport -oncise statement in #hich the   auditor indicates the nature and   scope   of his   examination and expresses the opinion #hich he has formed in respect of the financial   statements.0oucher  Any d c umentary evidence in support of a transaction or entry Tic$mar$  A symbol utilized oy auditors for the purpose of indicating the nature of the #or$ performed or cross!referencing data found in separate paces on the #or$ing paper. rofession ccupation based upon specialized intellectual study and training the purpose of  hich   to supply s$illed si,% vices or advice to others for a definite fee or salary. 1egative -onfirmation 2irect communication #ith the debtors about the amount of the receivable #here heis as$ed to respond only if he disagrees #ith the information. Long form Audit Report 2etailed statement of the scope of examination and procedure follo#ed by the auditoi , the auditor's opinion on the financial statements #hich are appropriate in the particular circurristance3. Test To verify a portion of the accounting transaction) to sample. Internal -ontrol lan of organization and all the coordinate methods and measures adopted #ithin a business to safeguard its assets, chec$ the accuracy and reliability of its accounting data, promote operational efficiency and encourage adherence to prescribed managerial  policies. 4iting -verstatement of cash by recording a deposit #ithout a corresponding record of the #ithdra#al at year!end. Fraud Intentional act or omission involving deception, misrepresentations, or tric$ery for thepurpose of ta$ing a#ay property from its rightful o#ner #ithout his $no#ledge or consent or falsifying financial statements. Extend To multiply.  Audit techni%uesBasic methods or #ays of obtaining audit evidence) tools #hich the auditor uses to gather facie needed to ,iupport his opinion. -ompare To observe similarities and differences bet#een similar items such as I n account *rom one.year to the next. .,! Business approach auditing  Auditing   #here the   auditor goes   beyond   the   accounting   figures   and obtain   an   understanding of thebusiness as a #hole, and that the auditor audits the business and   also the accounting records.  Auditing standards -ri te ria by #hich the %uality ef performance of euditing engagements are measured. Activity5Analytical &chedule&chedule   sho#ing   the   beginning   balance   of    the   account,   the   additions   and   deductior# during the period and the ending balence.  Audit /eport  A document in #1,..h the - P  A indicates the nature and scope of the examination #hich he has, made and expressos the opinion #hich he has formed in respect of the financia+staiements.  Audit rocedure  Acts.performee in the ccnduct of the audit. Ban$ Transfer &chedule &chedule sho#ing the dates of all deposits and #ithdra#als bet#een the various ban$ accounts of the -ompliance Test Test designed to provide reesonable assurance that accounting control proceduresare being 6pptied as prescribed.7xamine To revie# !critically) to ma$e careful search or in%uiry for the purpose of determiningthe truth .Internal -ontrol 8uestionnaire  -omprehensive series of %uestions relating to internal control #hich he auditor .rsesas a guide to his revie# of the system of internal control. Future Accounting group &ubse%uent events #hich do not have direct effect on financial statements of the prior year but their effect may be such that disclosure is advisable) they do not re%uire adusting.entries. Materiality /efers to relative and absolute importance of a financial disclosure or representation) in auditing, more stringent evidence should be gathered to determine the fairness and   dependability of material   financial   disclosures than   is necessary for less significant   representations. rocedural errors 7rrors invoMng violations of internal controls. bserve To #atch and test a diet it action. 1atural Business year  A t#elve!month perim ending #hen the bus(ness 'activities of an enterprise have reached their Icviest point in the accrual cycle. &uccessor auditor   An   auditor #hc   has accepted   or has   been   invited to ma$e   a   proposal for an   engagement. /econcile To establish agreen ant bet#een separate sources of information. Statistical Sampling   A methodology based on the mathematical theury el probabilities #hich iniicate that   a moderately   large   number of items selectee   in   accordance #ith   $no#n   generally   available and prescribed procedures from a large mass #ill 9e almost certain to ophtain   the characteristics of the large mass. iecemeal opinionpinion on specific.. hems in the financial statements #ith #hich he is satisfied, although he !disclaims a!, opinion #ith respect to the statements ta$er, as a #hole:  transaction #al$through Involves selection of a transaction, its documentation follo#ed   horn beginning to end   tracing such through th'.!; complete authorization, execution and recording process. Vouch To pr  ov e accuracy of accounting entries by tracing to supporting documents. Trace To follo# a transaction through the steps of the system. &ubstantive 7rror  7rrors #hich involve the correctness of peso amounts or the ade%uacy of informative disclosures!in the financial,itatements

ZAAN_Vol1

Jul 23, 2017

Untitled

Jul 23, 2017
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