AIOU SOLVED ASSIGNMENT 2 CODE 481 AUTUMN 2016 B.COM


AIOU SOLVED ASSIGNMENT 2 CODE 481 AUTUMN 2016 AUDITING

Aiou solved assignment 2 code 481 autumn 2016 for BA/B.com subject auditing. This is aiou solved assignment 2 code 481 autumn 2016 with complete preparation. Specially the students of B.com can find it on google with following tags like:- solved assignment 2 code 481 autumn 2016, aiou code 481 solved assignment 2 autumn 2016, autumn 2016 aiou solved assignment 2 code 481, aiou solved assignment 2 code 481 spring 2017.

The main topics of this aiou solved assignment 2 code 481 for the auditing is verification, techniques of verification of ownership of assets, assets in possession, valuation of assets, valuation of liabilities etc.

VERIFICATION:-
• Is a substantive audit procedure which deals with examination of balance sheet transactions/items whether they are assets or liabilities are properly stated in the balance sheet
• Also applies to profit and loss item to check the account balances and their presentation
• Verification process encompasses the inquiry into the ownership/ title, existence, valuation, completeness and presentation of assets and liabilities in the balance sheet Vouching is the substantive testing/examination of transaction at their POINT OF ORIGIN whereas Verification usually deals with the FINAL BALANCE in the Final Accounts viz the balance sheet and profit and loss.

AIOU CODE 481 SOLVED ASSIGNMENT 2 AUTUMN 2016

TECHNIQUES OF VERIFICATION:-
In the process of verification following techniques are used: Existence of Assets: –
The auditor should satisfy himself that such assets and liabilities which are shown on the balance sheet really exist on that date or not. Proper Disclosure: – The auditor should also satisfy himself that each item of assets and liability is being properly disclosed as required by the law.

OWNERSHIP OF ASSETS: –
This technique is used for establishing the ownership of assets and liabilities. Those assets which are shown on the balance sheet must be properly of the client.



ASSETS IN POSSESSION:-
The auditor should satisfy himself that such assets which are shown on the balance sheet were in the possession of the client at the date of the balance sheet.

SPRING 2017 AIOU SOLVED ASSIGNMENT 2 CODE 481 AUDITING

VALUATION OF ASSETS:-
Auditor should also satisfy himself that all those assets which are shown in the balance sheet are properly valued. There are different factors which determine the basic of valuation like, nature of business, object for which the assets are held and the nature of assets.

VALUATION OF LIABILITIES:-
Auditor should also satisfy himself about the liabilities that these are properly valued which are shown on the balance sheet. Overstated or understand liabilities do not give a true picture about the financial position.

CORRECT VALUATION:-
Auditor should pay special attention to this point. Because profit and loss account also depends upon the accuracy of valuation of assets and liabilities. Valuation up to object is that balance sheet should show a true and correct view about the financial position of a client firm.

PURCHASE BY PROPER AUTHORITY:-
The auditor should also satisfy himself that the purchase of any particular asset was made by the orders of empowered person. In this respect, auditor may check the legal document or resolutions of the directors and shareholders.

BUSINESS MOTIVE:-
Auditor should also satisfy himself that all the assets were obtained for the business motive of the firm. Checking Of Charges: – Auditor should also examine that assets of the firm are free from mortgage and pledge.

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