Principal and Practices Of Auditing


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12 Lessons

Introduction to Auditing?

According to Institute of Chartered Accountants of India (ICAI), “An audit is an independent examination of financial information of any entity, whether profit oriented or not and irrespective of its size and legal form, when such an examination is conducted with a view to expressing an opinion thereon”
Introduction to Auditing00:31:34
Difference between Auditing and investigation00:11:46
Types of Audit00:45:34
Self-Assessment Test 1

Internal Control, Internal Check and Internal Audit?

The American Institute of Public Accountants defines: “The plan of organization and all the coordinate methods and measures adopted within a business to safeguard its assets, check the accuracy and reliability of its accounting data, promote operational efficiency and encourage adherence to prescribed managerial policies. An internal control system extends beyond those matters which relate directly to the functions of the accounting and financial departments”.


Definitions: Arthur. W. Holmes defines: “Vouching is the examination of the underlying evidence which is in support of the accuracy of the transaction. The process of vouching is intended to substantiate an entry by providing authority, ownership, existence and accuracy.” Lawrence defines: “Vouching is an act of comparing entries in the books of accounts with documentary evidence in support thereof”.

Verification and Valuation of Assets and Liabilities?

Spicer and Pegler- “The verification of assets implies an enquiry into the value, ownership, title, existence and possession and the presence of any charge on assets” Existence Value Ownership & Title Possession Charge Disclosure

Audit of Limited Companies and Others

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