Standard Audit

Standard Audit

Standard Audit refers to detailed checking and analysis of certain transactions only and the remaining transactions are subjected to sample checking provided there is a good and effective system of internal check in operation. In other words, it is a sample checking after a satisfactory and detailed checking of some of the items.

It is defined as, “ a complete check and analysis of certain items and contingent upon effective check, an appropriate test check on remaining items, the whole of the work being in accordance with general audit standards quite adequate to justify an unqualified person.”