prit2021/12/11 11:22

Auditing is a multi-dimensional and multi-functional concept in the overall auditing and accounting perspective. There are mainly two types of auditing, internal audit and statutory audit.


Auditing  is a multi-dimensional  and multi-functional   concept  in the  overall   auditing  and accounting perspective.  There are mainly two types of auditing,  internal audit and statutory audit. Internal audit encompasses  a detailed study of the  accounting  and internal control system  of the auditee entity  and  corresponding  evaluation  of the  internal check system in operation and whether it is in  continued  existence for the period under review.  Statutory Audit, on the other hand,  is to   check whether the auditee entity  has complied with various rules and regulations   under the relevant statute  and it has not defaulted on  statutory compliance and  reporting   formalities  under corresponding laws in force for the period under   review.  Another sub-group  under internal audit can be  divided into  tax audit  and   systems audit.  Generally, an internal audit programme  is designed by the chief  auditor-in-charge and the audit schedule can run  from  a week to  around  30-60  days depending on the auditee entity,  it’s transactions  and the nature of the   industry. A programme of internal audit is set to include  the test check concept   detailing the nature of transactions to be checked  and the time-limit for completing   the audit  under review  and the tasks assigned  to each of the  audit  assistants   employed  for the specific purpose.  Mainly,  the areas of audit  in a programme of   internal audit are Cash, Bank,  Purchases, Sales, Journal and  General Ledger.


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