Special Ticks in Auditing | Examples | Precautions

Using Special Ticks in Auditing

While auditing the books of accounts of a business, often auditor uses a variety of distinctive ticks or symbols to indicate that a particular work has been done. These are called tick marks. They may be in the form of geometric designs, alphabet, arithmetic designation, numbers, etc.

Using Special ticks in audit

Using Special ticks in audit – Examples, Precautions

Examples of Special Ticks

Auditor may use any of the following special ticks in auditing the books of accounts.

<, -, =, #, , 0, S, $, o, +, Ο

Precautions while Using Special Ticks

The following are some of the safeguards against improper use of tick marks:

1. The auditor should use special ticks for each class of transactions checked such as- posting, casting, carry forward, bank statement, and vouching. Further the same tick should not be used for the same transaction in all the firms. The system of ticks adopted should not be explained to the client’s staff. Different colours should be used to distinguish periods.

2. Ticks should be of small.

3. The kinds of ticks used by the audit staff should not be of the same used by the clerks of the client.

4. Auditor should put ticks in different colours.

5. Auditor may use different colours for different years and for the audit of different firms.

6. He should use special ticks for the figures, which had already been erased so as to ensure that no change has been made after an item has been ticked.

7. Each section of the work should be completed up to a certain points otherwise the chances of mistakes will increase.

8. All important totals, balances, important points, etc. should be noted in the audit note book.

9. Two audit clerks together should do vouching.

10. In case of continuous audit, the work should be performed up to a certain date.

Leave a Reply

Recent Posts




Comments


Related pages


advantages of bill of ladingadvantages and disadvantages of accounting standardspurposive sampling advantagesadvantages and disadvantages of cluster samplingdefine authoritarian leadersebi guidelines for issue of sharesstock turnover calculationspeculators definitiondefinition of capital budgeting in financial managementadvantages and disadvantages of capitalist economic systemsecured debentures meaningcalculate arrimplementing target costingoverheads allocationdefinition of socialization processnominal damages definitionprobability sampling proceduredurable consumer goods definitiondepartmentalisationprevity of contractwhat is the role of sebiadvantages and disadvantages of cost accountinglimitation of budgetary controlwhat is a valid contract definitionlabour rate variancetypes of cluster samplingprivate limited liability company definitionlifting the veil in company lawdiversification advantages and disadvantagesdormant partnershiplabour price variancedisadvantages of operating leasemethods of venture financingdifference between transferor and transfereeadvantages and disadvantages of total quality managementwhat is a autocratic leadermeaning of export marketingadvantages of numeric keypadmeaning of drawer and drawee of chequecombined leverage formulamanagerial accounting is preparedadvantage of a sole traderdematerialised securitiessundry receivablestypes of capital rationingcaveat emptor caveat venditorrbi established in the yearswap transaction in forex marketforfeiting meaningquestionnaires in research advantages and disadvantagesdistinguish between cost accounting and management accountinglessor or lesseeuncalled share capitalwindow dressing financial statementsdefinition of cifexplain gattappose todemotion defineaccounts payable turnover daysobjectives of exim bankmeaning of alpha numericadvantages and disadvantages of market economyauditor negligence casesfactors to be considered in capital budgetingdefinition of cartel in economicsimportance of deficit financingmeaning of sdrlimitations of job analysisprofitability index example problemscomparative classified balance sheetsampling probability and nonprobabilitymatrix organization disadvantagescustomer relationship mgmtcartels define