Elements of Auditing

The auditor first of all examines the patents and verifies them with the help of certificates under which patent rights have been granted. The auditor should ...

Plant and Machinery Verification: Usually the money spent on the acquisition of plant and machinery is shown in one account i.e. Plant and Machinery Account. ...

Leasehold Property means letting out a property for a specified time period. Various steps involved in the verification of leasehold land are: The auditor ...

It is the duty of the auditor not only to verify the physical existence and ownership of the asset, but also its valuation as shown in the Balance Sheet. He ...

Verification of Goodwill and Freehold Property. Goodwill: Goodwill is an intangible asset. Its value depends on the earning capacity of the business. According ...

It has been rightly said that, An auditor is not a valuer and yet he is intimately concerned with the proper valuation of assets and liabilities. Because ...

List of main objects of verification of Assets: Existence of fixed assets and liabilities: The, most important object of verification is to satisfy the auditor ...

Difference between Verification and Valuation. Valuation implies critical examination and testing of determined values of assets on the basis of its utility ...

Consignment means delivery of goods to another for sale or purchase. The person who consigns the goods is called the consignor and the one to whom the goods ...

Vouching of Contingent Liability: According to Prof. Walter B. Meigs, Contingent Liabilities may be defined as potential obligation which may in the future ...

An expenditure which have been incurred during the year but the benefit of which will be enjoyed during the next year is called an outstanding asset. ...

Goods sold on credit are recorded in the Sales Book. The auditor should be careful while vouching the credit sales as the documentary evidence. A good system ...

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