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Internal controls are put into place so an organization’s activities, policies and plans are efficiently integrated to best achieve business goals. It is important to…

Internal control system differs from one business organization to another depending on the nature and size of the business. It is the plan of organization…

Test checking is a process of selecting and checking of a few transactions from a large volume of transactions. It is also known as “Selective…

Test Check is a substitute for detailed checking. Big business houses have a lot of transactions. So, it is very difficult to check all the…

The checking of such common records and books which is approved on by the auditor as a substance of routine is known as routine checking…

Routine Checking Regular checking of all the daily transactions is known as Routine Checking. It is the usual monitoring of business accounts, books and ledgers…

Differences between Internal Audit and Statutory Audit An internal audit refers to an ongoing audit function performed within an organization by a separate internal auditing…

Objectives of Vouching Main objective of vouching is to find out the regularity or irregularity of transactions, frauds, and errors. It means to prove an…

Meaning of Vouching Voucher is known as the evidence for the support of a transaction in the books of account. It may be a bill,…

Significance of Vouching Vouching is the act of checking evidential documents to find out errors and frauds and to know the authenticity, accuracy, and reliability…

Ludlamite is a rare phosphate mineral with formula: (Fe, Mn, Mg)3(PO4)2·4H2O. It is a classic phosphate mineral. It is a mineral occurring in small, green,…

Vouching helps to prove the truth and fairness of account by detecting errors and frauds. It is known as the evidence for the support of a…