ACC311 – Fundamental of Auditing
In ACC311 Fundamental of Auditing, we are providing you digitized Mid and Final Term Papers, Chapter Wise Quiz, Quiz Preparation, Past Papers Quiz, Current Papers, Handouts, Past Paper, Solved Quizzes, Handouts, Search Course Code, Lessons, VU Videos and Slides. Fundamental of Auditing is an Audit which is an independent of Financial statement or an entity, which is enables to express an opinion from the financial.
NOTE: Tab/Click on Preparation Tab to take the MCQ’s Tests.
ACC311_FinalAllSolvedPapersinOneFile View Download
ACC311_FinalCurrentAndPastAllMCQs2 View Download
ACC311_FinaltermExamination2 View Download
ACC311_Mid_Spring_2006_Paper1 View Download
ACC311_Mid_Spring_2006_Paper2 View Download
ACC311_Mid_Spring_2007_Paper3 View Download
ACC311_Mid_Spring_2009_Paper4 View Download
ACC311_Mid_Spring_2009_Paper5 View Download
ACC311_Mid_Spring_MCQs_Paper6 View Download
ACC311_Mid_Mega_Subjec_Paper7 View Download
MID TERM PREPARATION
ACC311 – Chapter Wise 01 to 06
ACC311 – Chapter Wise 07 to 12
ACC311 – Chapter Wise 13 to 16
ACC311 – Chapter Wise 17 to 20
POSTED DATE:06-02-2019 IDEA SOLUTION
When the auditor examines the cash transaction and general audit of XYZ Ltd leather manufacturing company, he will examine the following control measures.
1.Testing the Effectiveness of Internal Control
All receipts are accounted for and all payments are authenticated and relate to goods and services received for the purpose of running the business. The supervision of the execution and accounting of cash transactions are adequate and effective and in order to avoid fraud and pilferage, mechanical aids are used for accounting the receipts and payments wherever necessary. The balance of cash, stamps, stamp-papers etc., is physically verified periodically and suitable action taken in case of discrepancies, book balances are reconciled at regular intervals.
2.Testing the System of Accounting
The auditor should verify the accuracy of the system of recording the transactions in the books of accounts. If entries in the book are verified, then the following errors can be found out errors of omission, the error of commission, error of principle, Compensating errors etc. By suppressing the receipt of cash and by an overstatement of payments, fraud can be committed.
3.Suppression of receipt of cash
Adjusting the customer’s account with allowances and rebates not actually allowed by the organization and misappropriating the money collected from the customers to the extent of the adjustment. Omitting to record the miscellaneous receipts such as the sale of scrap and Omitting to account a part of Cash Sales or not accounting the money collected from the customer and treating that account as bad and writing it off.
4.Testing the transactions to verify their validity
To verify the validity of the transactions, the auditor has to verify the following:
The agreements between the organization and the third party.
The Articles of Association, partnership deed, trust deed, etc.
The Minutes of the Board of directors.
Legal requirements related to the business transactions.
5.Verification of Documentary Evidence
The accounting entries should be verified against the supporting documentary evidence. The evidence may be internal, which are generated and maintained by the organization or external, which are obtained from outside the organization. Counterfoils of receipts, payroll, etc., are internal documents. Purchase invoice, bank statement, loan agreement etc, are external evidence.
Quiz Cat: No Quiz found