Audit Questions and Answers
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1 :: What are intangible assets?

Intangible assets are those which we can't be seen like goodwill of the company.
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2 :: What are tangible assets?

Tangible Assets are those assets which we can see or touch like fixed asset ,machinery,etc.
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3 :: What is vouching?

Vouching is the process of checking for the existence an example for this is checking from the final record to the supporting document.
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4 :: Who will audit an auditing firm?

One auditing firm can audit other auditing firm.
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5 :: What is the mean of decommission Liability?

Decommission Liability is costs that a company expects to incur in the future when the plant is shut down.
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6 :: What should the internal auditor?

Contact the board of directors or the audit committee. They should ensure the independence of internal auditing.
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7 :: What is CARO 2004?

CARO means company audit report order 2004.It describes the matter on witch Statutory Auditors has to report in their Audit Report.
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8 :: What is social audit?

social audit is performed to know the corporate social responsibility.
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9 :: What is final audit?

Final audit is commenced when all account has been closed and final accounts is been prepared.
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10 :: What is internal audit?

This is a review of operation carried out sometimes continuously specially assigned staff with in the client business.
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