Statutory Audit Technique and Tips

Audit is a  technique or process to verify the accuracy and reliability of the financial statement of company/proprietor/firm/others.
It requires professional judgement to overcome certain dilemmas and take correct decisions while auditing.
Audit is not only based on your judgement but also on the way you deal in a given situation while auditing.
Being beginner, one should take some necessary steps inorder to have a satisfactory audit:


Ø A good knowledge of Auditing Standards as they are the base of audit.
Ø Keep your mind open while auditing for a creative thinking.
Ø Think in every possible way to find better way.
Ø Not be confused.
Ø Find alternative solutions.
Ø Share new ideas coming up in your mind with seniors whether in office or outside.
Ø Adopt or create your working style to enjoy the same.
Ø Keep your personal issues away while working.
Ø Try to be more professional.
Ø Use your professional skills and try to enhance it.
Ø Relate your work with books.
Ø Don’t leave anything until you don’t get it.
Ø Improve your communication skills with clients while auditing. This also develop your personality and gain knowledge from them.
Ø Discuss with your seniors and colleagues regarding your work.
Ø Don’t just think of leaving your work due to frustration as this will only defeat you in learning something new.
Ø Don’t bother about the time of your serving as instead of that you are gaining knowledge. Don’t forget you are going to do the same with your articles.
Ø If you feel very exhausted, relax for a while, interact with people around you, observe the manner they work, you might again learn something and if not, than just gig around.
Ø If you are stuck anywhere and feel hesitate to ask seniors, read books and todays generation’s largest book is ‘Google’ You can type any word of which you require information.
Ø Always make Audit Programme before you proceed the audit.
Ø Track your work whether you are doing the required work in the required manner inorder to avoid wastage of time.
Ø Do not just keep on asking your seniors even the small things as this makes them irritated and low down your impression. Do search and study the solutions to solve your queries.
Ø Do not constantly do work as it will exhaust you soon. Keep interacting with people around you, build contacts.