Auditing Report Partial Completion College

Auditing

1. AUDITING REPORT NAME: GOKULAKRISHNAN G ROLL NO: 2213281034111 BCOM ACCOUNTING & FINANCE – SEC ‘B”

2. CONTENTS Meaning Of Vouching Objectives Of Vouching Statutory Auditing & Continuous Audit ITR FILLING GSTR FILLING

3. VOUCHING Vouching refers to the process of verifying the accuracy, authenticity, and validity of transactions and entries in accounting records by examining supporting documents such as invoices, receipts, contracts, and bank statements.

4. Objectives of vouching • Proper Evidence • Detect Errors and Frauds • Truth Of Account • Find The Unrecorded Transactions • Authorized Transactions • Only Business Transactions Are Recorded

5. STATUTORY AUDITING Statutory auditing refers to the examination and verification of a company's financial statements and records by an independent auditor mandated by law. The essential characteristics of statutory auditing include: Independence: The auditor must be impartial and free from any influence or bias that could compromise their objectivity. Compliance: The audit ensures that financial statements comply with relevant laws, regulations, and accounting standards. Objectivity: Auditors must maintain impartiality and integrity in their assessment of financial statements. Transparency: The process aims to provide transparency and accountability to stakeholders by reporting on the accuracy of financial records. Reporting: The auditor issues a formal report expressing an opinion on whether the financial statements present a true and fair view of the company's financial position and performance.

6. CONTINUOUS AUDIT Continuous auditing is an approach to auditing where auditing procedures are performed on a more frequent and ongoing basis, often leveraging technology and automated tools to continuously monitor and assess financial transactions and controls. Advantage - continuous auditing is its ability to provide real-time or near real-time assurance on the accuracy and reliability of financial data extended periods. Disadvantages − High cost of continuous audit, mechanical work of Auditor, chances of unhealthy relations with staff due to frequent visits, etc., are main disadvantages of continuous audit.

7. ITR FILLING ITR filing refers to the process of submitting an Income Tax Return (ITR) to the tax authorities, reporting details of income earned, taxes paid, and investments made during a financial year. It is mandatory for individuals and entities meeting specified criteria to file their ITR annually by the due date.

8. TYPES OF ITR ITR 1(SAHAJ) Residential status Income<50 lakhs Salary or pension 1 house property Income from other sources ITR 2 Income>50 lakhs Capital gains More 1 house property Foreign income or asset Holding directorship in a company

9. TYPES OF ITR ITR 3 Every income from itr-2 Business or profession crypto income (reported as business income) As a partner in a firm ITR 4 (SUGAM) Resident individual Huf<50 lakhs Every income from itr-1 Salary or pension Other sources Presumptive income

10. TYPES OF ITR ITR 5 Firms Limited Liability Partnership Body Of Individuals. Association Of Persons ITR 6 & ITR 7 For ITR 6 The companies not claiming exemption under section 11 For ITR 7 property under trust political parties. Education institution.

11. SUMMARY At Krypto Logics, we believe in giving 110%. By using our next-generation data architecture, we help investors virtually manage their portfolios. We thrive because of our market knowledge and great team. As our CEO says, "Efficiencies will come from proactively transforming how we do business."

12. THANK YOU Mirjam Nilsson​ [email protected] www.greatsiteaddress.com