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Vouching

Vouching:

Preparation of an audit

Introduction:

Basic concepts:

Vouching:-

The act of examining vouchers is referred to as Vouching. Vouching is the practice followed in an audit, with the objective of establishing the authenticity of the transactions recorded in the primary books of accounts. Vouching essentially consists of verifying a transaction recorded in the books of accounts with the relevant documentary evidence and the authority on the basis of which the entry has been made. Vouching also confirms that the amount mentioned in the voucher has been posted to an appropriate account which would disclose the nature of the nature in its inclusion in the financial statements of account. On these considerations, the essential points to be borne in mind while examining a voucher in Vouching are:

  1. that the date of the voucher falls within the accounting period;
  2. that the voucher is made out in the client’s name;
  3. that the voucher is duly authorized;
  4. that the voucher comprised all the relevant documents which would be expected to have been received or brought into existence on the transactions having been entered into i.e, the Vouching is complete in all respects; and
  5. that the account in which the amount of the voucher is adjusted is the one that would clearly disclose the character of the receipts or payments posted thereto on its inclusion in the financial accounts.

Afetr the Vouching is over, each voucher should either be impressed with a rubber stamp or initiated so that it may not be presented again in support of other entry.

Internal Control and Vouching in respect of trading transactions:-

Trading is the chain of business process of buying, taking delivery of goods bought, making proper arrangements for their storage and issuing them on sale, etc. The function of audit, in this background, is to ensure that there is no leakage of goods or cash; also that the goods that are purchased have been received and are of the type dealt in by the firm, the prices are normal and the goods have been duly accounted for.

THANK YOU,

REGARDS,

RISHABH SITANI.

Vouchingwww.cakart.in

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