Meaning – Audit implies the examination of books of accounts and related documents of an organisation in order to correctly estimate their accuracy, completeness and regularity. Such an examination is carried out by a competent and unbiased person with the help of evidences, documents, information and explanations given to him.
For example, if a person goes to a doctor to have himself examined, the doctor, only after a thorough examination of his body, gives his report as to whether he is healthy or not, and if not, what is the ailment he is suffering from.
In the same manner, a businessman gets his books of accounts examined by a doctor of books of accounts (i.e.the auditor) who, after a thorough examination of the books, gives his report as to whether or not they give a true and fair view of the state of affairs of the deficiencies and faults in them.
Origin and Development of Auditing– The English word ‘Audit’ is derived from the Latin word ‘Auditor’, which literally means ‘to hear’. In ancient Greece and Rome, accountants used to be appointed in order to maintain the records of the government treasuries.
These accountants used to go to prominent judges to get their accounts certified and used to recite their accounts in front of those judges. These judges, upon hearing the accounts, used to give their decisions as to whether the accounts were authentic or not. In ancient times auditing was merely concerned with listening.
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Auditing notes cover the following chapters
|2||OBJECTS, IMPORTANCE, LIMITATION|
|3||TYPES OF AUDIT|
|4||PROCESS & PROGRAMME|
|5||INTERNAL CONTROL, CHECK AND INTERNAL AUDIT|
|6||ROUTINE CHECKING AND VOUCHING|
|7||VERIFICATION OF ASSETS AND LIABILITIES|
|8||APPOINTMENT, POWER, DUTIES|
|12||PROFESSIONAL CONDUCT AND ETHICS|
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