Explain the following statement (a) Vouching is the essence of auditing. (b) In vouching payments, the auditor

Question:

Explain the following statement—

(a) ‘Vouching is the essence of auditing’.

(b) ‘In vouching payments, the auditor does not merely seek proof that money has been paid away’.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Fundamentals Of Auditing

ISBN: 9788131728857

1st Edition

Authors: Basu

See More Books

Question Posted: Feb 04, 2024 01:00 AM

See More Questions

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
List three specific parts of the Case Guide, Objectives and Strategy Section (See below) that you had the most difficulty understanding. Describe your current understanding of these parts. Provide...
Use the following table, Present Value of an Annuity of 1 Period 8% 9% 10% 1 0.926 0.917 0.909 2 1.783 1.759 1.736 3 2.577 2.531 2.487 A company has a minimum required rate of return of 9 %. It is...
Consider two ideal inductors L1 and L2 that have zero internal resistance and are far apart, so that their magnetic fields do not influence each other. (a) Assuming these inductors are connected in...
Define and differentiate determinable, conditional, and contingent liabilities. Provide several examples of each.
What is the purpose of performance measurement? LO.1
Montel Companys July sales budget calls for sales of $600,000. The store expects to begin July with $50,000 of inventory and to end the month with $40,000 of inventory. Gross margin is typically 40%...
Cul de los siguientes no es un flujo de efectivo tpico relacionado con las decisiones de compra y reemplazo de equipos? A. Aumento de los costos operativos B. Revisin de equipos C. Valor de...
Problem 3.1: Determine the base width of a 20-m high trapezoidal concrete gravity dam having a vertical upstream face and a top width of 5 m (see Figure 3.53). Design water depth is 18 m. There is no...
What do you mean by Teeming and Lading? What is the duty of an auditor in this respect?
Distinguish between Vouching and Routine checking.
Belinda, a Florida citrus grower, estimates that if 60 orange trees are planted, the average yield per tree will be 400 oranges. The average yield will decrease by 4 oranges per tree for each...
Some people jump at the chance to be a change agent while others run from the role. Why is this the case? What are some characteristics of successful change agentry? These factors should refer to the...
An S corporation with $50,000 of earnings and profits owns rental real estate and has interest income producing investments. For the last two years, 50% of its gross receipts came from passive...
How has Biden Lowered premiums and out of pocket costs for millions of Americans?
Product costs using activity rates Body-Solid Inc. manufactures elliptical exercise machines and treadmills. The products are prouced in its Fabrication and Assembly production departments. In...
How to start an essay on the multigenerational workforce and your experiences working with each of the generations. Begin your essay with an introduction that outlines the current generations in the...
The transfer function of a system is Y(s) / R(s) = 15(s + 1) / s2 + 9s + 14 Determine y(t) when r(t) is a unit step input.
Identify the most stable compound:
What qualities are required in an auditor?
What are the objectives of an audit report?
What other benefits are obtained through the audit process?
Create a Data Table to depict the future value when you vary the interest rate and the investment amount. Use the following assumptions: Interest Rates: Investment Amounts:-10.0% $10,000.00 -8.0%...
Isaac earns a base salary of $1250 per month and a graduated commission of 0.4% on the first $100,000 of sales, and 0.5% on sales over $100,000. Last month, Isaac's gross salary was $2025. What were...
Calculate the price, including both GST and PST, that an individual will pay for a car sold for $26,995.00 in Manitoba. (Assume GST = 5% and PST = 8%) a$29,154.60 b$30,234.40 c$30,504.35 d$28,334.75...

Explain the following statement (a) Vouching is the essence of auditing. (b) In vouching payments, the auditor

Question:

Step by Step Answer:

a Vouching is the essence of auditing Vouching is referred to as the backbone or the essence of auditing because it forms the basis of all the work th...View the full answer

Fundamentals Of Auditing

Students also viewed these Business questions