Business Studies Notes

What is the Meaning of Audit and how to conduct an audit of a firm? You are on the right spot to know the answer of this question. The first…

What is Audit Program? Audit program is a list of work to be done by an auditor. The time period for the completion of audit work is stated. The duties…

What is Audit Notebook? An auditor has right to conduct an audit of any business under an agreement. When the audit work is in progress he can note some important…

What is Audit Working Papers? An auditor has the right to start audit work of a business. The load work is distributed among the audit staff. All audit clerks are…

What is audit sampling and what are the different types of audit sampling methods? You are on the right spot to know the answer of these questions. Go ahead to…

Do you want to know what is test checking in auditing? Its precautions and what are the advantages and disadvantages of test checking? You are on the right spot to…

An error refers to unintentional mistakes in financial information, such as (a) mathematical or clerical mistakes in the underlying records and accounting data (b) oversight or misinterpretation of facts or…

Fraud means intentional misrepresentation of financial information by one or more individuals among management, employees or third parties. It may involves Manipulation, falsification or alteration of records or documents Misappropriation…

Vouchers are also known as Audit Evidence. Business transactions are recorded in the books of accounts on the basis of written proof. Voucher is a piece of paper that shows…

The management prepares the books of accounts. In large-scale business journal is divided into various parts. There is purchase journal for recording credit purchases. There is cash journal or cashbook…