Definition

Auditing in depth

The Institute of Chartered Accountants of England issued a Statement on the General Principles of Auditing on 16th August, 1961, which shows the meaning of “Examination in depth” when it states: “Examination in depth” involves tracing a transaction through its various stages from origin to conclusion, examining at each stage to an appropriate extent the vouchers, records and authorities relating to that stage and observing the incidence of internal check and delegated authority. The examination in depth is sometimes called “Auditing in depth.”

Share it:  Cite

More from this Section

  • Contra asset account
    Accumulated Depreciation- Office Equipment is a contra asset account which is an account ...
  • Sales revenue
    The primary source of revenues for merchandising companies is the sale of merchandise, ...
  • Cash-basis accounting
    Cash-basis accounting is an alternative to the accrual basis refers to an accounting basis ...
  • Audit Note Book
    During the course of an audit, an auditor has to make several queries which ...
  • Fiscal year
    ...