FOR INDIA'S BEST CA CS CMA VIDEO CLASSES CALL 9980100288 OR VISIT HERE
PREDICT YOUR RANK!
Answer below questions and predict your rank
  • How important it is for you to pass the exam in this attempt?
  • What percentage of course you have finished well so far roughly?
  • How many hours you study in a day?
  • How many times you have revised the topics you have finished
  • Have you taken online or pen drive or live class from a renowned faculty?
  • What percentage of the classes you have watched?
  • Have you attempted mock tests or practice tests yet?
  • Are you planning to attempt mock tests conducted by external bodies- ICAI, ICSI, ICMAI or other institute?
  • How many tests you have taken?
  • Did you manage to finish the test papers on time?
  • Are you strictly following study material provided by the exam conducting authority such as ICAI/ICSI/ICMAI/Other Body?
  • How is your health in general?
  • How is your food habit?
  • Any interest in yoga or exercise or play sports regularly?
  • Planning to sleep well nights before the exams?
  • Planning to have light food and water before exams?

What are the basic principles of an internal audit control system?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

Hi, Explain about the basic principles of an internal audit control system?

    0       0 Answer Now Comment Report
2 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Planning :- It is the basic principle of auditing. The auditor should plan before starting the work. In planning auditor decides accounting about the system and internal control procedure. Honesty :- Honesty and sincerity is the second important principle of auditing. The loyalty of auditor to work and profession must be beyond the doubts. Impartiality :- In case of audit the attitude of the auditor must be impartial. Keeping in view this principle his personal views may not be included in the audit report. Secrecy :- Secrecy must be maintained by the auditor during the process of audit. He cannot disclose any information to the third party.

    0       0 Comment Report
Important Note – Preparing for CA Final?
CAKART provides Indias top faculty each subject video classes and lectures – online & in Pen Drive/ DVD – at very cost effective rates. Get video classes from CAKART.in. Quality is much better than local tuition, so results are much better.
Watch Sample Video Now by clicking on the link(s) below – 
For any questions Request A Call Back  
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

**PRINCIPLES OF AUDITING :-** Fundamental principles are those according to which the books of business accounts are audited. These principles can be changed according the desire of the auditor. We discuss the main principles of auditing under these headings : 1. Planning :- It is the basic principle of auditing. The auditor should plan before starting the work. In planning auditor decides accounting about the system and internal control procedure. 2. Honesty :- Honesty and sincerity is the second important principle of auditing. The loyalty of auditor to work and profession must be beyond the doubts. 3. Impartiality :- In case of audit the attitude of the auditor must be impartial. Keeping in view this principle his personal views may not be included in the audit report. 4. Secrecy :- Secrecy must be maintained by the auditor during the process of audit. He cannot disclose any information to the third party. 5. Evidence :- During the audit the auditor can collect the evidence through the working papers. He can frame his opinion on the audit evidence. The nature and source of evidence must be kept in view by the auditor. 6. Consistency :- It is an important principle of auditing. In case of selecting the rates of depreciation and valuation of stock the accountant must follow the rates of the coming years. In this regard there should be consistency and changes are not acceptable. 7. Legal Frame Work :- The business activities may run within the rules and legal formalities. To protect the rights of the interested parties rules must be applied. 8. Working Paper Preparation :- The auditor collect documents providing evidence that audit was carried out according the principles. The auditor prepares the working paper and kept in this custody as a proof. 9. Internal Control :- The auditor will examine the accounting system and inter control. To frame his opinion, he keeps in view the evidence obtained from the books. 10. Report :- According the principle of auditing a report will be prepared by the auditor at the end. It may be conditional or unconditional. The auditor can draw conclusion and disclose the facts and figures about the business for general information.

    0       0 Comment Report
Get Notifications
Videos
Books
Notes
Loading
Watch best faculty demo video classes

These top faculty video lectures will
help u prepare like nothing else can.