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8 Cards in this Set
- Front
- Back
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Sec.128 of Companies Act 2013 says? |
Every company shall prepare and keep at its Registered office books of accounts and other relevant books and papers and f.s for every f.y which gives a true and fare view of the state of affairs of the company , including its branch office . |
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What is the main objective of audit ?? |
To find out whether the financial statements prepared by a company show the true and fare view of f.state of affairs of a company . |
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When are accounts said to be TRUE AND FAIR ? |
1. The books of accounts have recorded all the business transactions correctly 2. The accounts have been prepared according to accepted principles and AS 3. there are no errors and frauds in accounts . 4. P/l account shows the true and fair results of entity's operations 5. The value of assets and liabilities appearing in b.s is showing the correct financial picture 6. The books of accounts must disclose all material facts regarding revenue , expenses , assets and liabilities . ( Material means important and essential ) |
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SA 200 |
BASIC PRINCIPLES GOVERNING AN AUDIT |
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SA 230 |
AUDIT DOCUMENTATIONS |
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SA 500 |
AUDIT EVIDENCE |
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SA 320 |
Materiality in planning and performing an audit |
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What is investigation ??? |
Is an exercise which is carried out with a specific objective . The investigation means in-depth analysis of books of accounts , transaction, and event . Investigation exercise is voluntary in nature and is used by Internal auditors and management auditors. |
