Escolar Documentos
Profissional Documentos
Cultura Documentos
08/CM/04
Acknowledgement
The satisfaction that accompanies the successful completion of any task would
be incomplete without mentioning the names of people who made it possible,
whose constant guidance and encouragement crowns all efforts with success.
Declaration
This is to declare that the project titled, “VOUCHING AND VALUATION OF
ASSETS”, has been conducted by me in person.
Introduction
The general definition of an audit is an evaluation of a person, organization,
system, process, enterprise, project or product. The term most commonly refers
to audits in accounting, but similar concepts also exist in project management,
quality management, and energy conservation. Auditing is a process by which a
competent, independent person accumulates and evaluates evidence about
various assertions contained in financial statements of an entity for the purpose
of determining and reporting the quality of disclosure of financial information,
judging them against the back drop of established criteria. Essentially auditing
is a process, a professional exercise, conforming to the quality parameters of
generally accepted auditing practices.
Audits in accounting
Audits are performed to ascertain the validity and reliability of information;
also to provide an assessment of a system's internal control. The goal of an
audit is to express an opinion on the person / organization / system (etc.) in
question, under evaluation based on work done on a test basis.
Definition of Vouching
Ronald A. Irish has defined vouching as a technical term which refers to the
inspection by the auditor of documentary evidence supporting and
substantiating a transaction.
Objectives of Vouching
The main objectives of vouching are:
Significance of Vouching
After preparing Audit note book, audit planning, auditing working papers, audit
preparations etc., the next step is to proceed with the examination of accounting
entries passed in the books of account during the period under review. In this
step the auditor has to check the entries with its supporting documents to
determine the accuracy and authenticity of the entries passed by verifying the
vouchers, bills and other supporting documents. This process of checking the
evidence of the entries called is vouching. It may relate to cash as well as
trading transactions.
CONTENTS
1. OBJECTIVE OF THE PROJECT
2. LIMITATIONS TO THE PROJECT
3. THEORY – INTRODUCTION TO AUDITING, etc
4. COMPANY’S PROFILE
5. PROJECT REPORT
6. CONCLUSION
7. BIBLIOGRAPHY
8. ANNEXURES
OBJECTIVE OF THE PROJECT
The main object for this project is to provide us, the students of auditing, basic
knowledge about, how vouching and valuation of assets are carried in an audit
firm.
Other objectives:
To practically view how vouching and valuation of assets are done in an audit
firm.
To view how audit is done for various types of organizations such as hospitals,
government institutions, business organizations, service organizations,
charitable institutions, religious organizations etc.