Main Techniques of Audit

Main Techniques of Audit

The audit is conducted with the help of the following technique:

Ticking
Ticking indicates the placing of a mark against and entry in the book to show that it has been examined by the auditor for a certain purpose.

Casting

Casting refers to the checking of additions, deductions, carries forwards, brought forwards and financial statement. This job is normally done by a junior member of audit team using mechanical appliances.

Calling over
This is usually carried out by two clerks one reading the item to the other. Care should be used to see that the whole of the important details of each item is checked and not merely the amount.

Vouching
It is one of the important techniques of audit in which the entries are checked with the help of available documentary evidences. It is also examined that all such vouchers have also been recorded in the books of account.

Verification
In such process of audit, auditor has to verify that all assets and liabilities which are shown in the balance sheet. They actually exist in the business. The auditor has to verify further regarding their ownership, possession and valuation of such item

Reporting
After the above steps have been carried out the auditor will then be required to submit his report. This for m and the contents of the report depends upon the nature of audit and the nature of the business.