Auditing Tutors for College Level in Indore

Opinion without and prejuidice and fullfilling all concepts and assumptions

A statutory audit is a legally required review of the accuracy of a company's or government's financial statements and records.where as the management audit assesses the overall management of the company,not the performance of individual managers.

The main drawbacks are; 1)to complete the audit within a specific period and report submitted thereon,2) many dependencies on the companies employees while on the audit.3) sometimes they don't go deep into the audit and rely on employees version and dependent 4) they deploy inexperienced staff for audit, etc.

As the name signifies, internal audit is done internally i.e. done by the company"s employees where the company has got sufficient and experienced workforce. Otherwise, they appoint chartered accountant firm for doing the internal audit.but in the case of an external audit the entire audit is done by the outside people i.e.chartered accountant firms and the companies employee cannot do it.

An audit committee is an operating committee of a company's board of directors that is in charge of overseeing financial reporting and disclosure.

Advantages * Supervision * Uniformity * Evidence * Helps in fixing up the Responsibility Disadvantages *Rigid *No Initiative *Not Comprehensive *Not suitable for small organisations

Following are the liabilities of an Auditor 1)Liability for Misfeasance 2)Liability for Negligence 3)Criminal Liability

Firstly check whether there exists an internal control system than check whether it is effective or not.Apply Substantial and Compliance procedures to evaluate the internal control system.

It is a document that defines Internal Audit's purpose,authority,responsibility and position within an organisation.

1)Establish responsibilities 2)Maintain Records 3)Employee Rotation 4)Segregation of Duties 5)Use of Technological Controls