Errors and mistakes detected are of two types :- Clerical errors and Errors of principle. Clerical errors can be further classified into four types- a) errors of ommission , b) errors of commission ,c) compensating errors & d) errors of duplication. A) errors of ommission- this happens when a transaction is partially or completely ommitted … Read more

There are three major objects of Auditing. They are as follows :- 1) verify the financial records and statement with a view to rely the final accounts showing true and fair state of affairs in the business. 2) detection and prevention of errors .& 3) detection and prevention of frauds. Further errors are of two … Read more