Question

Discuss the importance of vouching.

Answer 1

Answer:

❥ Vouching Is The Backbone Of Auditing

Main aim of auditing is to detect errors and frauds for proving the true and fairness of results presented by income statement and balance sheet. Vouching is only the way of detecting all sorts of errors and planned frauds. So, it is the backbone of auditing.

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Answer 2

A voucher is a documentary evidence in support of a transaction in the books of account. Objectives: Main objective of vouching is to find out the regularity or irregularity of transactions, frauds and errors. Regularity means maintaining record and performing the work compliance with the rules, regulation and law.

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