Invoice and Auditor
4. VOUCHING
LEARNING OBJECTIVES
Meaning and objectives of vouching
Importance of vouching
Types of vouchers
Vouch various transactions like vouching of trading
Transactions and vouching of cash transactions
VOUCHING • Meaning • Vouching is concerned with examining documentary evidence to ascertain the authenticity of entries in books of entries in books of accounts. • Evidence supporting and substantiating the transaction made in the books. • It is a technique to judge the truth of entries appearing in the books of accounts.
• All accounting entries must be supported by a document. • A technique to verify the authenticity and authority of transactions recorded in the books on the basis of which the auditor submits a report, indicating that accounts are correct, free from errors or fraud and complete. • It is not only examining the documentary evidence but sometimes auditor has to go behind recorded evidence to eliminate any possibility of fraud.
DEFINITION • “Vouching is the examination of the evidence offered in substantiation of entries in the book including in such examination the proof, so far as possible, that no entries have been omitted from the books”.
-Taylor and Perry.
OBJECTIVES OF VOUCHING • To ensure recording of all transactions. • To verify that all transactions recorded in the books of accounts are supported by a documentary evidence. • To verify the validity of the vouchers which support the entries and to ascertain whether these are authentic, addressed to the business and properly dated. • To verify that no fraud or error has been committed while recording the transactions in the books of accounts.
.
• To ensure that the vouchers have been processed carefully through various stages of internal check system. • To verify whether every transaction recorded has been adequately authenticated by a responsible person. • To
LEARNING OBJECTIVES
Meaning and objectives of vouching
Importance of vouching
Types of vouchers
Vouch various transactions like vouching of trading
Transactions and vouching of cash transactions
VOUCHING • Meaning • Vouching is concerned with examining documentary evidence to ascertain the authenticity of entries in books of entries in books of accounts. • Evidence supporting and substantiating the transaction made in the books. • It is a technique to judge the truth of entries appearing in the books of accounts.
• All accounting entries must be supported by a document. • A technique to verify the authenticity and authority of transactions recorded in the books on the basis of which the auditor submits a report, indicating that accounts are correct, free from errors or fraud and complete. • It is not only examining the documentary evidence but sometimes auditor has to go behind recorded evidence to eliminate any possibility of fraud.
DEFINITION • “Vouching is the examination of the evidence offered in substantiation of entries in the book including in such examination the proof, so far as possible, that no entries have been omitted from the books”.
-Taylor and Perry.
OBJECTIVES OF VOUCHING • To ensure recording of all transactions. • To verify that all transactions recorded in the books of accounts are supported by a documentary evidence. • To verify the validity of the vouchers which support the entries and to ascertain whether these are authentic, addressed to the business and properly dated. • To verify that no fraud or error has been committed while recording the transactions in the books of accounts.
.
• To ensure that the vouchers have been processed carefully through various stages of internal check system. • To verify whether every transaction recorded has been adequately authenticated by a responsible person. • To