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Vouching and Audit of Financial Statements - Coggle Diagram
Vouching and Audit of Financial Statements
INVESMETS
Asset verification
Obligation trade crediors loans
The application of test is verified and maintained bene if tey are a fixed aset
Pending liabilites for expenses reserves and funds
Income received in advance
How to vouch various cash receipts
Loans
Bills receivable
Cash received from the debtors
Sale of Investment
Cash sales
Sale of Fixed Assets
Vouching
Vouching is concerned with examining documentary evidence to ascertain the authenticity of entries in the books of accounts. In other words it is an inspection by the auditor of evidence supporting the transactions made in the books.
Vouching of cash payments
Wages
Payment Of Salaries
Bills payable
Purchase of Investment
Payment to creditors
Rent paid
Cash Purchases
Loan
Interest on Loan
Investigation
Investigation involves inquiry into facts behind the books and accounts into the technical,financial and economic position of the business.
The investigation is normally conducted with certain specific objectives.
It does not confine itself only with the financial aspects but technical, political, economical and managerial aspect are also accounted for
The investigator submits his report of investigation only to his client, who appoints him.
It is critical examination and is based on Suspicion on the state of affairs to be investigated.
No specific rules and provisions are framed for the investigation.