Rohini Simon Ubale presented on vouching and verification for her Advance Auditing class. Vouching refers to an auditor examining documentary evidence like invoices, receipts, and contracts to verify transaction entries. A voucher is any document that supports an accounting entry, such as purchase invoices or bank statements. Vouchers can be primary documents or secondary copies. When examining vouchers, the auditor should check that vouchers are numbered and filed in order, correspond to book entries, are properly addressed and dated, and are certified as correct.
Rohini Simon Ubale presented on vouching and verification for her Advance Auditing class. Vouching refers to an auditor examining documentary evidence like invoices, receipts, and contracts to verify transaction entries. A voucher is any document that supports an accounting entry, such as purchase invoices or bank statements. Vouchers can be primary documents or secondary copies. When examining vouchers, the auditor should check that vouchers are numbered and filed in order, correspond to book entries, are properly addressed and dated, and are certified as correct.
Rohini Simon Ubale presented on vouching and verification for her Advance Auditing class. Vouching refers to an auditor examining documentary evidence like invoices, receipts, and contracts to verify transaction entries. A voucher is any document that supports an accounting entry, such as purchase invoices or bank statements. Vouchers can be primary documents or secondary copies. When examining vouchers, the auditor should check that vouchers are numbered and filed in order, correspond to book entries, are properly addressed and dated, and are certified as correct.
Rohini Simon Ubale presented on vouching and verification for her Advance Auditing class. Vouching refers to an auditor examining documentary evidence like invoices, receipts, and contracts to verify transaction entries. A voucher is any document that supports an accounting entry, such as purchase invoices or bank statements. Vouchers can be primary documents or secondary copies. When examining vouchers, the auditor should check that vouchers are numbered and filed in order, correspond to book entries, are properly addressed and dated, and are certified as correct.
Subjetc : Advance Auditing Roll No : Presentation Sub : Vouching & Verification College Name : DR. Arvind B. Telang Senior College (Arts, Science and commerce) Teacher Name : Meenakshi Raut Mam VOUCHING & VERIFICATION Meaning: Vouching refers to the checking by the auditor of documentary evidence supporting and substantiating a transaction by the auditor. Vouching is a careful examination of all original evidences, such as invoices, bills, receipts, requisition forms, quotations, statements, letters, orders, agreements, minutes, contracts etc with a view to ascertaining the accuracy of the entries recorded in the books of accounts. Definition: Taylor and Perry define vouching as, “the examination of the evidences offered in substantiation of the entries in the books, including such examination of proof, so far as possible, that no entries have been omitted from the books”. Vouchers: A voucher is documentary evidence in support of a transaction recorded in the books of account. It is a written document or paper in support of an entry in the books of account. It is only through vouchers that the transactions are recorded in the books of account. Arthur W.Halmes defines a voucher as “any documentary evidence in support of a transaction”. Thus, voucher is a document which evidences a transaction or an entry in the books of account. Examples of vouchers: Cash receipts: Counterfoils of receipts issued, carbon copies of receipts, contracts, correspondence and letters from debtors confirming the balance of their accounts. Cash payments: Original receipts from the payees, invoices, cash memos, bills, demand notes, salary books, wage sheets, contracts etc. Purchases: Invoices, goods inward book, copies of orders sent, cash memos, bought notes, correspondence etc. Sales: Copies of invoices, copies of orders received, cash memos, sold notes, goods outward book etc. Others: Debit notes, and credit notes, minute books of meetings of directors or share holders. Types of vouchers Vouchers are mainly of two types. They are a) Primary vouchers and b) Secondary vouchers. Primary vouchers: A primary voucher is written evidence in original. Purchase invoices, cash memos for goods purchased for cash, bank statements, confirmation letters received from debtors and creditors for the balance etc are a few examples of primary vouchers. Secondary or Collateral vouchers: When the original vouchers are not available, copies of original vouchers are produced in support of the entries in the books of account. Sometimes subsidiary evidences are made available with a view to removing suspicion and satisfying the auditor. Such vouchers are called secondary or collateral vouchers. Carbon copies of sales invoices, copies of receipts issued to debtors, xerox copies of agreements, sale deeds etc are few examples of secondary vouchers. Points to be noted while examining vouchers: As the vouchers constitute a very valuable link between the transactions and their entries in the books of account, each voucher should be examined by the auditor with great care and caution. All the vouchers should be consecutively numbered, arranged serially in the order of entries made in the books of account and are properly filed. The auditor should see that the vouchers bear the same number as given to the entries in the books of account. This would help the auditor to correlate a voucher with the relevant entry in the books. He should see that each voucher is addressed to the client’s organization at its normal business address.
He should see that every voucher is properly
dated and the date correspond to the date of the transaction concerned and also the period under audit.
After the inspection of the vouchers, the
vouchers should be cancelled by the auditor by means of a rubber stamp or by special type of tick marks so that they may not be produced again. The auditor should see that every voucher is certified as correct by a responsible official who should put down his signature on it.
He should see that the amount of each voucher is
written both in words and figures. If there is any difference between the two, he should investigate about such difference.
He should accept only those vouchers which are in the
printed form. In case any vouchers are issued on ordinary pieces of paper, he should get such vouchers duly certified by a responsible official.
He should see that every voucher, which is a receipt
for cash payment of Rs.500 or more bears a revenue stamp of rupee one. THANK YOU !!