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Meaning of Accrual: Revenues and costs are accrued (gathered), that is recognized as they are earned or incurred (and not as money is received or paid) and recorded in the financial statements of the periods to which they relate. Accrual basis of accounting is one of the fundamental accounting assumptions underlying the preparation and presentation of financial statements.

• What is an audit process?

• What is statutory audit?

• What do you mean by vouching?

• Explain the Before an audit processes?

• What techniques used during an audit?

• What to do after the audit?

• How to involve people in audit?

• Explain The Difference Between Internal Audit And External Audit?

• How Does An Internal Audit Differ From An External Audit?

• What are Objectives Of Internal Audit?