Learning Materials For Accounting, Management , Finance And Economics.

Thursday, February 2, 2012

Advantages Of Audit Note Book

The major points which are detected or found during the course of audit can be noted in audit note book. So, an auditor can get the following benefits by maintaining audit note book properly:

1. No Need To Repeat Task

All the facts related to audit are noted down in the audit note book. While auditing the books of accounts of same organization auditor does not need to do the same work. So, s/he can save time and cost.

2. Helps To Get Clearance Against The Case OF Misfeasance And Negligence

If any person files the cases against the auditor charging misfeasance and negligence, an auditor can present audit note book in the court or concerned authority and can get clearance against such cases.

3. Helps To Refer In Future

Auditor can refer such noted point in the future which helps to continue the work of audit in future to the auditor.

4. To Share Way To The New Staff

All the points about the progress of audit, nature of audit and problems are noted down in the audit note book. If any staff leaves the job, new staff can refer note book of previous staff and can continue the work of audit.

5. Helps To Measure Efficiency Of Staffs

An auditor gets information about the performance of individual staff which helps to measure the efficiency of staffs. An auditor can allocate the job to the staffs on the basis of their efficiency.