Business

Concept of Continuous Audit

Concept of Continuous Audit

The audit that remains continue throughout the financial year is called continuous audit. This audit is an audit that involves a detailed examination of books of account at regular intervals i.e. one month or three months. These audits are usually technology-driven and designed to automate error.....

Read More »

Objectives of Periodical Audit

Objectives of Periodical Audit

Periodical Audit is started when the books of accounts closed at the end of the year. After the completion of the financial year, audit work is undertaken which goes on continuously till its completion. The only thing is that the audit is completed in one continuous session. This system is the mo.....

Read More »

Concept of Periodical Audit

Concept of Periodical Audit

Periodical Audit is an audit for an intermediate period. This audit is started when the books of accounts closed at the end of the year. This audit is one that is taken up at the close of the financial or trading period when all the accounts have been balanced and Trading and Profit and Loss Acc.....

Read More »

Disadvantages of Periodical Audit

Disadvantages of Periodical Audit

A periodical audit is conducted after closing the books of accounts and preparing the financial statements. This type of audit is very much convenient and useful for business houses, which are small. It is the most satisfactory form of audit from the point of view of an auditor. Disadvantages of .....

Read More »

Advantages of Periodical Audit

Advantages of Periodical Audit

Periodical Audit is usually implicit to be an audit that is not commenced until after the end of the financial period and is then carried on until finished.  In this audit, there is a cent percent checking of the accounts. The auditor carries on his audit work constantly till it is accomplished......

Read More »

Objectives of Interim Audit

Objectives of Interim Audit

The interim audit tasks are conducted in order to compress the period needed to complete the final audit. It is part of audit work where audit testing is performed on interim financial statements. It refers to an audit conducted on a particular date within an accounting period. It may be monthly .....

Read More »

Interim Audit

Interim Audit

Interim Audit An audit conducted in between the two annual audits with a view to find out interim profits to enable the company to declare an interim dividend is known as Interim Audit. It involves preliminary audit work that is conducted prior to the fiscal year-end of a client. It is a kind of .....

Read More »

Disadvantages of Interim Audit

Disadvantages of Interim Audit

An interim audit involves preliminary audit work that is conducted prior to the fiscal year-end of a client. It is part of audit work where audit testing is performed on interim financial statements.  It is a kind of audit that is conducted between the two periodical or balance sheet audits. Dis.....

Read More »

Advantages of Interim Audit

Advantages of Interim Audit

Interim Audit refers to an audit conducted on a particular date within an accounting period. In large-scale business concern, the performance may be checked for a particular part of the year. Advantages of Interim Audit Interim audit is less costly than a continuous audit. This audit is very co.....

Read More »

Disadvantages of Cost Audit

Disadvantages of Cost Audit

Cost Audit stands for the verification of cost accounts and checks on the adherence to cost accounting plan. It is an audit of the efficiency of minute details of expenditure while the work is in progress and not a post-mortem examination. It offers many advantages to management, cost accountant,.....

Read More »

Disadvantages of Partial Audit

Disadvantages of Partial Audit

Partial Audit is a “kind of audit, where the work” of the auditor is curtailed. A partial audit is not permitted in case of limited companies because according to the Companies Act, the duties of an auditor of a company cannot be curtailed. An auditor signs the report clearing stating.....

Read More »

Advantages of Partial Audit

Advantages of Partial Audit

In a partial audit, the work of the auditor is curtailed. The auditor is asked to check a few books, e.g., he may be asked to check the payment side of the cash book. When an auditor is appointed to conduct a partial audit, he must make it clear in his report that he has […]

.....

Read More »