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Auditing vs Investigation - Auditing Concepts, Auditing and Secretarial Practice Video Lecture | Auditing and Secretarial Practice - B Com
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FAQs on Auditing vs Investigation - Auditing Concepts, Auditing and Secretarial Practice Video Lecture - Auditing and Secretarial Practice - B Com
| 1. What is the difference between auditing and investigation? |  |
Ans. Auditing refers to the systematic examination of financial records, statements, and transactions to ensure accuracy, reliability, and compliance with laws and regulations. It is conducted by auditors who assess the financial health and internal controls of an organization. On the other hand, investigation is a process of in-depth examination and analysis of specific financial or non-financial issues, usually in response to suspected fraud, misconduct, or irregularities.
| 2. How does auditing help in ensuring compliance with laws and regulations? | |
Ans. Auditing plays a crucial role in ensuring compliance with laws and regulations. Auditors review and assess the internal control systems of an organization to identify any weaknesses or non-compliance. By conducting regular audits, organizations can identify and rectify any non-compliance issues, reducing the risk of penalties, legal actions, and damage to reputation.
| 3. What are the key responsibilities of auditors in secretarial practice? | |
Ans. In secretarial practice, auditors have specific responsibilities, including:
- Reviewing and verifying the accuracy of minutes and resolutions of board meetings and general meetings.
- Assessing the compliance of the company's secretarial practices with applicable laws and regulations.
- Examining the company's statutory registers and records to ensure completeness and accuracy.
- Verifying the proper maintenance of share registers, debenture registers, and other related records.
- Assessing the effectiveness of the company's corporate governance practices.
| 4. Can an investigation be conducted without an audit? | |
Ans. Yes, an investigation can be conducted without an audit. While audits are generally conducted periodically to provide an overall assessment of an organization's financial health and internal controls, investigations are usually conducted in response to specific incidents or suspicions of fraud, misconduct, or irregularities. Investigations may focus on a particular area or transaction, whereas audits provide a comprehensive review of an organization's financial statements and transactions.
| 5. How does auditing contribute to organizational transparency and accountability? | |
Ans. Auditing contributes to organizational transparency and accountability by providing an independent and objective assessment of an organization's financial records and practices. Through audits, organizations can identify and rectify any errors, irregularities, or non-compliance, ensuring accurate and reliable financial reporting. This promotes transparency by providing stakeholders with a clear understanding of the organization's financial position and performance. Additionally, audits help establish accountability by holding management responsible for maintaining accurate records and complying with laws and regulations.
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Nov 16, 2024 Last updated |
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