types of audit .ppt

7/30/2019 types of audit .ppt

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AUDITING

&TYPES OF AUDIT


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LALA LAJPATRAI COLLEGE

OF COMMERCE

NAME : BHAVESH .A . JAIN

STD : TYB.com DIV: A

ROLL NO : 8027

TOPIC: TYPES OF AUDIT


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Presentation Outline

I. Defination of Auditing

II. Types of Audit


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I. Defination of Auditing

Audit and Assurance Standard AAS-1 by

I nsti tute of Chartered Accountants of I ndia(ICAI)

Auditing is the independent examination of

financial information of any entity, whether profit

oriented or not, and irrespective of its size or legal

form, when such an examination is conducted with

a view to expressing an opinion thereon
http://en.wikipedia.org/wiki/Audit_and_Assurance_Standards_issued_by_ICAIhttp://en.wikipedia.org/wiki/Institute_of_Chartered_Accountants_of_Indiahttp://en.wikipedia.org/wiki/Institute_of_Chartered_Accountants_of_Indiahttp://en.wikipedia.org/wiki/Audit_and_Assurance_Standards_issued_by_ICAI


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CONT..

According to Montgomery

Auditing is a systematic examination of the

books and records of a business or other

organisation, in order to ascertain or verify,

and to report upon the facts regarding thefinancial operations and results thereof.


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II. Types of Audit

A. Based on Authority

B. Based on Scope

C. Based on Time

D. Based on object

E. Other Types


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Based on Authority

Statutory Audit It is Mandatory.

Auditor must be CA or

CWA

Non-Statutory Audit

It is optional and not

compulsory

Carried at the

directional of the

Proprietor

Internal Audit Verify the

accuracy record

Make investigation


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Based on Scope

Complete Audit

Check each & every Transaction recorded in the

books of accounts

Partial Audit

Some part of Transaction are scrutinised


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Based on Time

Continuous Audit

Carried out full the year

Conducted regular &irregular intervals

Final Audit

Known as periodical audit

Starts after completion of

year

Interim Audit

Get periodic data on

sales , production etc

Necessary for thedeclaration of dividend

Concurrent AuditCheck daily cash

transaction

Verify the sale and

purchase


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Based on Object

Special Audit

When affair of any

company are not

managed as per the

sound business

principle

Cost Audit

Verification of cost

records maintained by

the organisation

Auditor reports

government and copysent to company


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Based on Object

Management Audit

Most moderntechnique of audit

Audit is done tofind out theweaknesses and theinefficiencies of the

management

Social Audit

To evaluate the totalperformance to society

Contribution tonational incomegrowth.


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Other Types Of Audit

Occasional Audit

Carried outoccasionally as per

need.

Audit In depth

Investigation of each

transaction from originto conclusion.

Cash Audit

Examines only cash

transaction.

Operational Audit

Improve the

profitability. Evalute the policies &

procedures.

Guide the management


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Other Types Of Audit

Tax Audit

Assessing Correctnessof calculation of

taxable profits Done to ensure

compliance with theprovision of the

income tax Act 1961.

Efficiency Audit

Part of perfomance

Audit Concerned with

evaluation of

performance


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THANKYOU

types of audit .ppt

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