INTERNAL AUDIT – Scope (or) Functions of Internal Auditor, Advantages of Internal Audit, Disadvantages of Internal Audit

Scope (or) Functions of Internal Auditor 1. Evaluating of Accounting and Administrative Control: Internal auditing ensures effective and efficient system of accounting control, standard costing, budgetary control and all other administrative controls. 2. Protection of Assets: Internal auditing besides ensuring proper accounting and custody of companies asset’s it is concerned with the protection of the […]

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INTERNAL AUDIT – Introduction of Internal Audit, Meaning of Internal Audit, Definition of Internal Audit, Objectives of Internal Audit

INTERNAL AUDIT Introduction Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization to accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. Internal auditing is a catalyst for […]

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INTERNAL CONTROL – Auditor’s Duty in Evaluating the System of Internal Control, Differences between Internal Check and Internal Control

Auditor’s Duty in Evaluating the System of Internal Control 1. Understand the System: The auditor should understand the control system by discussing with personnel at various levels in the organisation. He should also refer to organisation charts and manuals for this purpose. 2. Determining the Reliability: The management installs and maintains an adequate internal control […]

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INTERNAL CONTROL – Kinds of Internal Control – Methods of Evaluating Internal Control System

Kinds of Internal Control The type of internal control system to be employed in an organization depends upon the requirements and nature of the business. Generally, there are three types of Internal Control in an organisation preventive control, detective control and corrective control. These types of controls are essential for an effective internal control system. […]

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INTERNAL CONTROL – Principles of Good Internal Control System

Principles of Good Internal Control System An effective or good system of internal control should have the following principles: 1. Well-designed Accounting System: Internal control should provide for a well designed accounting system. The f inancial and accounting activities must be separated. For example, person who is responsible in handling cash (cashier) and the person […]

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INTERNAL CONTROL – Advantages of Internal Control – Disadvantages of Internal Control

Advantages of Internal Control An audit control system can give the following advantages: 1. Detection of Errors and Frauds: Internal control systems are structured in such a way that work done by one employee in a process is checked by another without knowledge of the former. In such an environment, any fraud committed is brought […]

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INTERNAL CONTROL – Introduction of Internal control, Meaning of Internal control, Definition of Internal control, Objectives of Internal control

INTERNAL CONTROL Introduction of Internal control Internal control is the overall control environment established by management of an enterprise for effective and efficient monitoring and control of its operations. It aims at adherence to management policies, safeguarding of assets of the enterprise, proper accounting and record of the business transactions. Internal check and internal control […]

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Current Affairs 22 January 2021

Daily CA One Liner – 22 January 2021. * C Ronaldo Became The Leading Goalscorer Officially In The History Of Football (760 Goals) * Malayalam Actor Unnikrishnan Namboothiri Passes Away Recently * Unnikrishnan Namboothiri Made His Acting Debut With Desadanam 1996 * Hungary Becomes 1st EU Nation To Approve Russia’s Sputnik V Vaccine * Rahmanullah […]

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Geographic Information System- what is meaning of Geographic Information System- what is an explain Geographic Information System- what is purposes GIS- what is Generation of the computers

The Geographic information systems have emerged in the past two decades as an essential tool for urban and resource planning and management. It includes the functions of data entry, data display, data management,information retrieval and analysis. While GIS deals with entire geography of the earth including land, ocean and atmosphere, the art, science and technology […]

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Internal Check Trading Transactions – Internal Check-Sales Returns, Internal Check-Sales

Internal Check-Sales Sales are the most important source of revenue in a business and hence the possibilities of errors and frauds taking place are greater. Frauds maybe committed in the following ways: • Sales may be omitted from recording in the sales book. • Fictitious sales may be accounted. • Sale of fixed assets may […]

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Internal Check Trading Transactions – Internal Check Purchases – Internal Check Purchase Returns – Auditing

Internal Check Purchases The following system of internal check may be adopted as regards purchases. 1. A purchase department should supervise and control the entire purchase transactions of the organisation. 2. The procedure for purchases should start with issuing purchase requisition, making enquiry about the terms and conditions of purchases from different suppliers. 3. Purchase […]

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Internal checks – Wages – Maintenance of Wages Records, Preparation of Wage Sheet, Payment of Wages, Auditing

Internal checks- Wages Wages are very important item of expenditure. The system of internal check for wages should be devised in a planned and careful manner. There are great possibilities of frauds in a concern employing a large number of Time workers. A sound system of internal check for payment of wages may avoid errors […]

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Internal Check – Cash Transactions, Internal Check-Cash Receipts, Internal Check-Cash Payments

Internal Check – Cash Transactions Checking of all cash transactions should be given utmost importance because employees tend to involve in fraudulent activities by misappropriating cash and manipulating accounts in an organistion. Hence, the auditor should verify the system of internal check in operation with regard to cash receipts and cash payments, which is explained […]

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Internal Check – Objectives of Internal Check, Advantages of Internal Check, Disadvantages of Internal Check, Duties of an auditor with Regards to Internal Check System

Objectives of Internal Check The objectives of internal check are as follows: 1. Early Detection of Errors and Frauds: The main objective of internal check is to detect and prevent the occurrence of errors and frauds at an early stage. This is possible as the work of each and every person is independently checked 2. […]

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INTERNAL CHECK – Introduction Of Internal Check, Meaning Of Internal Check, Definition Of Internal Check, Principles (or) Features of Good Internal Check System

INTERNAL CHECK Introduction In business concerns there are chances of misapporopriation and manipulation of accounts. In order to overcome such irregularities and to prevent or minimise the occurrence of errors and frauds, a checking system is designed to have a check on the irregularities. Such a check which operates continuously as part of the routine […]

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Remote sensing platform- what is senior platform – what is remote remote sensing platform and type – what is ground based platform- where is remote sensing uses- what is Ground borne platform- what is Air borne platform

Remote sensing platform The platform is a stage to mount the camera or sensor to acquire the information about a target under investigation. Based on the altitude above the earth surface, the platform can be classified as Ground borne platform, Air borne platform and Space borne platform. Ground borne platform Ground based platforms sensors may […]

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What is Classification of remote sensing- what is the difference between an active sensor and a passive sensor – which of following is a passive as opposed to active remote sensor- what is active sensor in remote sensing

solar sensors can only capture data during daylight hours. Active sensors are different from passive sensors. Unlike passive sensors, active sensors require the energy source to come from within the sensor. A laser-beam remote sensing system is an active sensor that sends out a beam of light with a known wavelength and frequency. This beam […]

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One day CM in Uttarakhand, Shristi Goswami CM of Uttarakhand on January 24,One Day CM, One day CM in india

In Tamilnadu 1999 Mudhalvan Movie Released. A reporter accepts a challenge from the CM to be in power for a day. He rapidly goes about punishing and arresting corrupt officials and politicians, including the CM. Then, he faces the consequences.The Box office hit concept is going to be a real one. Haridwar-based Shristi Goswami (19) […]

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