Question

"vouching is the essence of auditing" comment​

Answer 1

VOUCHING IS THE ESSENCE OF AUDITING

$\textbf{Answer}$

Vouching is said to be the very essence of auditing. The whole success of an audit depends on the intelligence and thoroughness with which this part of the work is done.

Answer 2

Vouching is a term that refers to a process in which different documents that are related to a particular transaction are inspected for evidence that the transaction has taken place

Explanation:

The process of vouching is essentially done for three reasons they are:

1. To check if the transactions are in order
2. To check if they are properly authorized
3. To make sure entries are correctly recorded in their particular place.

Auditing will become very difficult without the vouching process. Without vouching, issues such as faulty transactions, unreceived goods, improper or irrelevant auditing can take place. Most of the time fraudulent transactions are only discovered in the process of vouching. it allows hence, making it an absolute necessity or an essence for auditing.

To know more:

Vouching is back bone of auditing? Explain.

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Difference between vouching and routine checking

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