Audit Note Book is a register maintained by the audit staff to record important points observed, errors, doubtful queries, explanations and clarifications to be received from the clients.
Advantages of Audit Note Book
The major points which are detected or found during the course of audit can be noted in the audit note book. So, an auditor can get the following benefits by maintaining an audit note book properly:
- Audit Report
The audit notebook is helpful to prepare an audit report. The auditor can record the weakness of accounting records. The auditor can record the weakness of accounting records.
- No Need to Repeat Task
All the facts related to audit are noted down in the audit note book. While auditing the books of accounts of the same organization auditor does not need to do the same work. So, s/he can save time and cost.
The audit notebook is useful for reference. In the future, it can provide information to the audit staff. The past data gives an insight into business matters. An auditor can refer to such noted points in the future which helps to continue the work of audit in the future to the auditor.
- To Share Way to the New Staff
All the points about the progress of audit, nature of audit and problems are noted down in the audit note book. They can see the weakness of previous years. The old weak points may not be repeated this year. If any staff leaves the job, new staff can refer note book of previous staff and can continue the work of audit.
- Helps to Measure Efficiency of Staffs
It helps to assess the work performed by the audit staff and helps in evaluating their level of efficiency. An auditor gets information about the performance of individual staff which helps to measure the efficiency of staffs. An auditor can allocate the job to the staffs on the basis of their efficiency.
- Facilitates Audit Work
It facilitates the work of an auditor as all important details about the audit are recorded in the note book which the audit clerk cannot remember everything at all the time.