Scrutinizer
Quick Reference to "Scrutinizer"Legal Provision:-Section 109 (5) of the Companies Act, 2013.Rule 21 of Companies ( Management and Administration) Rules, 2014.Points:-1. The Board of Directors or Chairman may Appoint Scrutinizer in case of e-voting & poll method.2. Scrutinizer shall be PCA/ PCS/ PCMA/ Advocate and any other person excluding employee of the Company.3. The Scrutinizer require to Scrutinize poll process and has to submit report to the chairman in t…
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Internal audit : meaning, objectives and advantages
Internal Audit: Meaning, Objectives and AdvantagesInternal Audit: Meaning, Objectives and Advantages
Meaning: Internal audit is a review of operations and records undertaken within a business by specially assigned staff. It is a post-transaction review to evaluate the correctness of records and the effectiveness of operations on a continuous basis in an organization by the paying staffs. The term 'internal audit' has been defined as the independent appraisal of activi…
Differences between internal audit and statutory audit
Differences Between Internal Audit And Statutory Audit
An internal audit is conducted by the permanent staff of the same office to detect weakness in system, procedures and for the improvement. But statutory audit is the act of checking books of accounts as per the provision of company act. Both of them check books of account, detect errors and frauds even though they have certain differences which are as follows:
1. AppointmentAn internal auditor is generally appointed by the…
Important auditing terms and topics
Important Auditing Terms and Topics
Auditing Thorough & critical examination of all the books of account and records of a business by an independent person duly qualified for the job , with a view to find out arithmetical & theoretical accuracy of the books of account & report to the owners of business whether the statements are fair or not.
Primary Object of AuditThe primary or main object of audit is to examine the books of accounts and records with a view to fin…
Internal check and its objectives
Internal Check and its Objectives
Meaning: It is an arrangement of duties of members of staff in such a manner than the work performed by one person is automatically and independently checked by the others.
According to ‘F.R.M.De PAULA’, “Internal check means practically a continuous internal audit carried on by the staff it self, by means of which the work of each individual is independently checked by other members of the staff.”
According to ‘D.R. DAVAR,’ “Internal check is …
Characteristics of good system of internal check
Characteristics of Good System of Internal Check
1. Responsibility: Responsibility of each individual must be properly defined and fixed. The work of the business should be allocated amongst various clerks in such a manner that their duties and responsibilities are clearly and judiciously divided.
2. Completion: The work should be divided in such a way that no single person is allowed to complete the work solely by himself from the beginning to the end. However, there should b…
Internal check : advantages and disadvantages
Internal Check : Advantages and Disadvantages
Advantages of Internal CheckSome of the widely accepted advantages of an efficient system of internal check are as follows.
1. For the Businessa) Proper division of work: Internal check entails a proper and rational distribution of work among the members of staff of the enterprises keeping in view their individual qualifications, experience and area ofspecialization.
b) Detection of errors and frauds: since no individual worker is a…
Internal check vs internal audit
Internal Check vs Internal Audit
Similarities: Both Internal Check and Internal Audit are part of the whole system of internal control, as such both are complementary and go together.
Dissimilarities: There is a lot of difference b/w Internal Check and Internal Audit. Both differ from each other in the following respects:
1. Meaning: Internal Check is an arrangement of duties allocated in such a way that the work of one person is automatically checked by another.Internal Audit …
Audit evidence
Audit Evidence
Meaning: “Audit Evidence” is a mixture of observations made by audit inquiry and data compiled via analysis of other data which, when combined, enables the auditor to from and substantiate an opinion on financial statement.
Audit separates all the confirmations that the auditor has obtained and thata) Is relevant to what the auditor is trying to determine.b) Influences the auditor in formulating an opinion as to fairness of the financial statements.
Assertion by …
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