Audit Note Book

Audit note book is maintained by the audit assistant ti note down to all those unclear matter which he may come across in the course of audit and on which he requires further clarification and explanation. It contains day to day work performed by the audit staff on any particular day. Notes about all types of errors, difficulties and uncleared point, etc. are recorded in audit notebook.

Contents of Audit Note Book:

1. A copy of audit program.
2. The nature of business and important documents relating to the business.
3. The name of the clients and audit year.
4. A list of books of accounts.
5. Name of principal officers, their duties and responsibilities.
6. Accounting and financial policies followed by the business.

Objectives of Audit Note Book:

1. To know about the nature of business.
2. Detection and prevention of frauds and errors effectively.
3. To make the future audit work easier.
4. To know the facts where clarification and explanation are essential.
5. To check the list of debtors and creditors.
6. To present as a proof by the auditor to clearance over the cases.