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Unit 2. Intro to Vouching - Coggle Diagram
Unit 2. Intro to Vouching
Objective / Purpose / Goal
verification of Authenticity
Verification of Authorization
Related to the business
Recorded on Basis of Vouchers
Belonging to selected FY
Precautions for Examining Evidence of Payments:
Client as payee
Correct payee name
Match dates
Authorized payments
Accurate amount & account
Head of account allocation
Proper revenue stamp
Stamp cancellation
Note explanations
Relevant period
Avoid duplication
No overwriting
Verify wage & petty expenses
Importance/Significance of Vouching:
Auditing backbone
Essential essence
Validate evidence
Ensure reliability
Verify authority
Check cash balance
Detect fraud
Arithmetical accuracy