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Elective Advance Auditing

Advance AuditingTU Board 2081

State any two scopes of auditing.

2

Answer

· Based on the official syllabus and past papers
Updated

Auditing serves multiple purposes in ensuring financial integrity and compliance. Two key scopes of auditing are:

2023Company adopts**IFRS** (Compliance C2024Auditor verifiescompliance with **Comp2025Tax audit confirmsadherence to **Income
Timeline illustrating auditing’s dual role in **compliance** (legal/regulatory) and **financial integrity** over time.
Cash Account (Fraud Detection Example)Dr.Cr.To Capital A/c50,000To Sales A/c12,000To Bank Deposit A/c (Recorded)5,000By Rent A/c5,000By Salaries A/c3,000By Unrecorded Cash Expense (Fraud)2,000By Missing Bank Deposit (Error)5,000By Balance c/d52,00067,00067,000
T-account showing **audit trail discrepancies**: Unrecorded expense (fraud) and missing deposit (error) highlighted in red.

  1. Detection of Errors and Frauds Auditing helps in identifying and preventing errors, omissions, and fraudulent activities in financial records. By examining transactions, documents, and internal controls, auditors can detect discrepancies, irregularities, and misstatements, thereby safeguarding the interests of stakeholders.

  2. Compliance with Laws and Regulations Auditing ensures that an organization adheres to applicable laws, regulations, and accounting standards (e.g., Companies Act, Income Tax Act, GAAP, or IFRS). It verifies whether financial statements are prepared in compliance with statutory requirements, reducing legal risks and ensuring transparency.

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