Renn's practical auditing: a working manual for auditors, describing in complete detail the method of conducting a commercial audit, and indicating in proper order the successive steps of procedure, with a general treatise on auditing

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Page 51 - ... certificates have been used by auditors, and we attach some of the best known. It should be borne in mind that the auditor is not required to make himself responsible for errors or defalcations which have escaped his notice after a faithful and conscientious .examination. FORMS OF CERTIFICATES.—"I hereby certify that I have carefully examined the books of account of James Reid & Co. with the vouchers produced, and that the above balance sheet (or statement of assets and liabilities) is a true...
Page 47 - The two most common ones are the Profit and Loss Statement and the Balance Sheet. The Profit and Loss Statement...
Page 20 - Voucher. fA document which certifies or verifies the correctness of charges for values paid out or parted with, or of credits for values received. Am. Enc. Vouching consists of obtaining evidence (usually documentary) that the transactions recorded in the books are facts. Montgomery-Dicksee. Any memorandum which will establish the validity of the transaction should be accepted as satisfactory. Kenn. Prin. 61. Vouchers Payable. Prin. 31 D. Voucher System. fThe voucher system is the treatment of creditors...
Page 44 - Where there are numerous sales books in use, it may be found that the sales are transferred to a sales journal from which the postings are made to the ledger.
Page 15 - This kind of errors divides into two minor classes — those of ''omission and those of 'commission. One of the most serious is the omission to provide proper reserves for depreciation of assets subject to wear and tear, or for shrinkage in values.
Page 15 - These are the innocent mistakes committed in the mechanical details of bookkeeping — such as posting to wrong accounts, unintentional errors in footings or in carrying them forward, in transferring accounts, etc.
Page 78 - We are of the opinion that considerable improvement can be made in this direction, which would greatly increase the value of...
Page 13 - The auditor should possess a thorough working knowledge of accountancy, in order to qualify him for interpreting correctly the work of others and for making intelligent criticism when necessary.
Page 108 - This book contains printed forms, with blanks to be filled in transferring stock from one person to another.
Page 113 - This may be due to lack of system, or it may be done advisedly for the purpose of appropriating the proceeds when payment is sent in.

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