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What documents do auditors check?

Let’s have a look at the documents that may be required during an audit.

  • Reports on the Payroll. …
  • List of All the Bank Accounts Used. …
  • List and Evidence of all the Transactions. …
  • The General Ledger. …
  • Trial Balance of the Company. …
  • Copies of all legal documents. …
  • Confirmations. …
  • Schedules.

What is the first stage of any audit?

planning stage

What are the types of internal control in auditing?

Types of Internal Controls:

  • Detective: Designed to detect errors or irregularities that may have occurred.
  • Corrective: Designed to correct errors or irregularities that have been detected.
  • Preventive: Designed to keep errors or irregularities from occurring in the first place.

What are the six principles of internal control?

Six control procedures protect assets, promote effective operations, and ensure accurate accounting and record keeping: (1) creating a document trail, (2) establishment of responsibilities, (3) segregation or separation of duties, (4) physically protecting assets, (5) establishment of policies and procedures, and (6) …

What are the basic principles of an internal audit control system?

The most important control activities involve segregation of duties, proper authorization of transactions and activities, adequate documents and records, physical control over assets and records, and independent checks on performance. A short description of each of these control activities appears below.

What are the four types of control activities?

Key Internal Control Activities

  • Segregation of Duties. Duties are divided among different employees to reduce the risk of error or inappropriate actions. …
  • Authorization and Approval. …
  • Reconciliation and Review. …
  • Physical Security.