![if !IE]> <![endif]>
The process of examining the documentary evidence to ascertain the accuracy and authenticity of entries in the books of accounts by the auditor is called as ‘Vouching’. Vouching means a careful inspection of all original evidences supporting the transaction e.g. invoices, statements, receipts, etc., in order to ascertain the real accuracy, authenticity and validity of the transactions. It confirms that the amount specified in the voucher has been posted to an appropriate account which will disclose the nature of the transaction. Therefore, vouching is referred as the very essence of auditing. It helps an auditor in establishing the truth of entries appearing in the books of accounts.
· According to Ronald A Irish – “Vouching is a technical term which refers to the inspection of documentary evidence supporting and substantiating a transaction”.
· According to J.R. Batliboi – “Vouching means testing the truth of the terms appearing in the books of original entry”.
· Dicksee defines vouching “as an act of comparing entries in the books of accounts with documentary evidence in support thereof ”.
The main objectives of vouching are:
· To examine that all transactions and entries have been properly accounted for in the appropriate books of accounts.
· To ensure that adequate documentary evidence exist to all the transactions.
· To ensure that the transactions and entries relate to the business and to the period under audit.
· To ensure that there is no omission of any record.
· To evaluate the collected evidence and vouchers by determining the authenticity and validity of the documentary evidence.
· To ensure that the transactions and entries are properly authenticated by the responsible officer.
Copyright © 2018-2023 BrainKart.com; All Rights Reserved. Developed by Therithal info, Chennai.