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Fundamentals of Auditing by S. K. Basu

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Chapter 12

New Areas of Auditing

12.1 INTRODUCTION

Auditing in its modern form adopts a multidimensional approach. At present, the scope of auditing is not only restricted to financial audit under the Companies Act. The purpose of auditing has been extended to cost accounts, managerial policies, operational efficiencies, system applications, social implications of business organisations and also environmental aspects. Even non-business organisations avail the services of qualified auditors and audit their accounts. At present, field of audit also covers:

  1. checking cost accounting records and verifying the cost accounting principles that have been adopted in preparing and presenting cost accounting data i.e., cost audit;
  2. comprehensive examination ...

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