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Chapter 5. Vouching > 5.3. Importance of Vouching

5.3 IMPORTANCE OF VOUCHING

The audit normally takes place long after the transactions have taken place, and the auditor, not being in picture at the time, cannot have the benefit of direct experience of the transactions. Necessarily, he has to depend on evidence and the voucher constitutes the necessary evidence of the transaction. The auditor's basic duty is to examine the accounts, not merely to see its arithmetical accuracy but also to see its substantial accuracy and then to make a report there on. This substantial accuracy of the accounts and emerging financial statements can be known principally by examination of vouchers, which are the primary documents relating to the transactions. If the primary document is wrong or irregular, the whole accounting statement....Armitage vs. Brewer & Knott


  

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