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How is the quality of audit work controlled by Auditor?

There is a separate standard in auditing covering this matter, SA 220-Quality control for audit work. Objective of this standard is to prescribe the procedures so that quality of audit conducted by the firm is maintained and enhanced. The standard prescribes the procedure to control the quality of audit by the audit firm. At the firm level: 1) The personnel employed by the firm should be independent, objective and keep the information of the client confidential. 2) The personnel employed should be technically competent to conduct the conduct as per auditing principles. They should have necessary professional qualification. 3) While assigning the work to any audit assistant, the competence of the particular assistant as per the audit requirement should be judged. 4) The audit firm must continuously monitor the policies and procedures followed by it for the purpose of audit. 5) Due supervision should be exercised over the assistants to control whether work is being carried out as per audit program and procedures. 6) Outside consultation may be done by the audit firm for the matter of expertise like in legal cases judgement may be taken after consulting the legal experts. At the individual level: 1) Delegation involves delegating work to the assistants and ensuring that the work will be performed with due care and by persons having the degree of professional competence. 2) Direction involves informing the assistants of their responsibilities, objectives of the procedures they are to perform, and the nature of the entitys business. 3) Supervision involves monitoring the progress of the audit conducted by the assistants, addressing significant accounting questions raised during the audit, resolving any differences of professional judgement between personnel and considering the level of consultation that is appropriate. 4) Review involves considering whether work has been performed as per the audit programme, the results obtained have been adequately documented in the working papers. 5) Certain additional audit procedures by the personnel other than personnel deployed in particular audit.
Buy back of Shares under The Companies Act 2013
Apr. 11, 2017
Buy back of Shares means the purchase by Company of its own shares. BuyBack of equity shares is an imperative mode of capital restructuring.It is a corporate financial strategy which involves capital restructuring and is prevalent globally with the underlying objectives of increasing Earnings per Share, avoiding hostile takeovers, improving returns to the stakeholders and rearranging the capital structure. buy back is one of an alternative way of R…
What is this DSS that everyone keeps talking about?

DSS is a computer program which analyzes business data, reports and presents it so that users can make business decisions more easily. It is an informational application.Typical information that a decision support application might gather and present would be: Comparative sales figures between one week and the next Projected revenue figures based on new product sales assumptions The consequences of different decision alternatives, given past experience in a context that is described A decision support system may present information graphically and may include an expert system or artificial intelligence . It may be aimed at business executives or some other group of knowledge workers. Let me make it more simple. In current business world an effective decision making capability is most to thrive in highly competitive market. A poor decision can hamper performance of an organization in long run. So while making a decision regarding business affairs one ought to be very careful and cautious. Users in an organization need information to help them make decisions. Decision making is the process of developing and analyzing alternatives to make a decision - a choice from the available alternatives. Most decisions are made in response to a problem. A sales manager, for example, may be required to determine how high to set yearly sales quotas based on increased sales and lowered product costs. Decision Support systems help provides information to support such decisions. A decision support system (DSS) is thus a computer-based information system that supports business or organisational decision-making activities. DSS serve the management, operations, and planning levels of an organisation and help to make decisions, which may be rapidly changing and not easily specified in advance. DSSs include knowledge-based systems. A properly designed DSS is an interactive software-based system intended to help decision makers compile useful information from a combination of raw data, documents, personal knowledge, or business models to identify and solve problems and make decisions. They offer the potential to generate higher profits, lower costs and better products and services.
Benefits of GST
Apr. 11, 2017
As we all know that the Constitution Amendment Bill for Goods and Services Tax (GST) has been approved by The President of India post its passage in the Parliament (Rajya Sabha on 3 August 2016 and Lok Sabha on 8 August 2016) and ratification by more than 50 percent of state legislatures. The Government of India is committed to replace all the indirect taxes levied on goods and services by the Centre and States and implement GST by April 2017. …
......How does the organization responsd to business environment ?
Apr. 28, 2017
What is the importance of Strategic Management?
Apr. 11, 2017
What are the different design and procedural aspects of Computerised Information System (CIS)?

The development of Computerised Information Systems (CIS) will generally result in design and procedural characteristics that are different from those found in manual systems. These different design and procedural aspects of CIS are- (i) Consistency of Performance: Computerised Information Systems (CIS) perform functions exactly as programmed and are potentially more reliable than manual systems, provided that all transaction type and conditions that could occur are anticipated and incorporated into the system. (ii) Programmed Control Procedures: The nature of computer processing allows the design of internal control procedures in computer programs. These procedures can be designed to provide controls with limited visibility (e.g., protection of data against unauthorized access may be provided by passwords). Other procedures can be designed for use with manual intervention, such as review of reports printed for exception and error reporting, and reasonableness and limit checks of data. (iii) Single Transaction Update of Multiple or Data Base Computer Files: A single input to the accounting system may automatically update all records associated with the transaction (e.g., shipment of goods documents may update the sales and customers accounts receivable files as well as the inventory file). Thus, an erroneous entry in such a system may create errors in various financial accounts. (iv) Systems Generated Transactions: Certain transactions may be initiated by the Computerised Information System (CIS) itself without the need for an input document. The authorisation of such transactions may neither be supported by visible input documentation nor documented in the same way as transactions which are initiated outside the CIS (e.g., interest may be calculated and charged automatically to customers account balances on the basis of pre-authorized terms contained in a computer program). (v) Vulnerability of Data and Programme Storage Media: Large volumes of data and the computer programs used to process such data may be stored on portable or fixed storage media, such as magnetic discs and tapes. These media are vulnerable to theft, or international or accidental destruction.
What is Reinsurance, please explain.
Apr. 04, 2017
What are dependent and independent departments? Please explain.
Mar. 22, 2017
What are the circumstances where auditing through computer are used??

The sophistication of computers have finally reached the point where auditors can no longer audit around the system. They are forced to treat the computers as the target of the audit and audit through it. Auditing through the computer requires that the auditor submits data to the computer for processing. The results are then analysed for the processing reliability and accuracy of the computer programme. There are several circumstances where auditing through the Computer must be used- (i) The application system processes large volumes of input and produces large volumes of output that makes extensive direct examination of the validity of input and output difficult. (ii) Significant parts of the internal control system are embodied in the computer system. (iii) The logic of the system is complex and there are portions that facilitate use of the system or efficient processing. (iv) Because of cost-benefit considerations, there are substantial gaps in the visible audit trail.

Here is business page of Sidant, with all his work

About Portfolio

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Here is business page of Sidant, with all his work

About Portfolio

My dear ,

My dear ,

Do you want to subscribe ? I would give you a free coupon to help you start calling.

Ok , no issues, if you have a question then you can try the search feature at quaremon.

Hi Thakurani,I want to deposit in my accountThanks,

Hi Thakurani,
I want to deposit in my account
Thanks,