Page 263 - DCOM509_ADVANCED_AUDITING

Advanced Auditing

Notes 3. How is routine checking done in public trusts?
4. Explain audit of tax under section 44AB.
5. What is the Approach to tax audit under VAT?
6. How audit report is prepared under the VAT law?

7. What is the format of the audit report that is prescribed under the relevant VAT law?
8. Discuss the origin of the concept of ‘Cost Audit’.
9. Explain various types of cost audit.
10. What are the advantages of cost audit to management?

11. What are the benefits of cost audit to government?
12. Explain the functions of a cost auditor.

Answers: Self Assessment

1. Attest 2. Assurance
3. VAT 4. Figures
5. Filing 6. Adequacy, appropriateness

7. Assessor 8. Summary
9. Objective 10. Direct, indirect
11. Ingredients 12. Verified

13. Fixation 14. Depth
15. Cost

13.6 Further Readings

Books David Coderre, Internal Audit: Efficiency through Automation. John Wiley & Sons,
2009.

Emile Woolf, Moira Hindson, Audit and Accountancy Pitfalls: A Casebook for Practising
Accountants, Lawyers and Insurers, John Wiley & Sons, 2011.
Iain Gray, Stuart Manson, The Audit Process: Principles, Practice and Cases, Cengage
Learning EMEA, 2007.
Jeanette Franzel, Single Audit: Opportunities exist to improve the Single Audit Process
and Oversight, DIANE Publishing, 2009.
Susan Switzer, Internal Audit Reports Post Sarbanes-Oxley: A Guide to Process-Driven
Reporting, John Wiley & Sons, 2007.

Online links http://www.scribd.com/doc/53416937/Functions-of-a-Cost-Auditor-Mythhen-
Cma

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