Elements of Auditing

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What is the difference between Financial Audit, Cost Audit and Management Audit?

Course: B.Com.

The difference between Financial Audit, Cost Audit and Management Audit: Financial Audit. Main elements of Financial Audit are: It is an effort to ensure a t... More

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What is Management Audit? Define the Objective and Limitations of Management Audit.

Course: B.Com.

The management audit is an examination, scrutiny and appraisal of the plans, policies, objectives, means of operation and the use of physical facilities. This review the policies and the actions of management in turn. It will normally be so revealing... More

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What is Cost Audit Program?

Course: B.Com.

Cost audit programme is a coordination of the work to be done, the work distributed among the audit staff and the time within which the assignment has to be completed. The cost auditor has to submit his report to the central government with a copy to... More

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State the Advantages and Limitations of Cost Audit.

Course: B.Com.

Cost audit is the verification of correctness of cost accounts and of adherence to cost accounting plans. The primary object of cost audit is to verify whether cost have been ascertained on the basis of cost accounts principles and plans, whether cos... More

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What is the difference between Cost Audit and Financial Audit?

Course: B.Com.

Difference between Cost Audit and Financial Audit: Accounts: Cost Audit is an audit of cost accounts, cost statements and cost accounting plan. Whereas, Financial Audit is an audit of financial accounts, su... More

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What is Cost Audit? Discuss Cost Audit Forms and Objectives.

Course: B.Com.

Meaning of Cost Audit: Cost Audit is the specific application of auditing principles and procedures in the field of cost accounting. It has been defined by London as "The verification of cost accounts and a check on the adh... More

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What is MAOCARO and its purpose? State the types of companies to which this order is applicable.

Course: B.Com.

MAOCARO: In exercise of the powers conferred by Section 227(4A) of the Companies Act, 1956 the Central Government issued the MANUFACTURING AND OTHER COMPANIES (AUDITORS REPORT) ORDER, 1988. The order applies to the auditor's report o... More

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Identify the qualities of a good audit report.

Course: B.Com.

The audit report is the end product of every audit. It is the medium through which the auditor expresses his opinion on the economic information under audit. The form and content of the audit report are of utmost importance since it is only through t... More

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What is the importance of an auditor’s report from the point of view of investors?

Course: B.Com.

The auditors are considered to be the agents of the shareholders for whom their report is primarily meant. The auditor shall make a report to the members of the company on the examined by him, and on every Balance Sheet and Profit and Loss Account, a... More

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Distinguish between a Report and a Certificate. State the need for an auditor’s report.

Course: B.Com.

An auditor's report essentially contains the expression of an opinion. Thus, what an auditor communicates through his report is primarily his opinion about the financial position of the company that he formulates on the basis of his evaluation of the... More

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List of Q & A for elements of auditing topic

What is the difference between Financial Audit, Cost Audit and Management Audit?

What is Management Audit? Define the Objective and Limitations of Management Audit.

What is Cost Audit Program?

State the Advantages and Limitations of Cost Audit.

What is the difference between Cost Audit and Financial Audit?

What is Cost Audit? Discuss Cost Audit Forms and Objectives.

What is MAOCARO and its purpose? State the types of companies to which this order is applicable.

Identify the qualities of a good audit report.

What is the importance of an auditor’s report from the point of view of investors?

Distinguish between a Report and a Certificate. State the need for an auditor’s report.

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