Audit note book and its contents

Meaning of Audit note book:

An Audit Note book is a book which is maintained by the audit clerk during the course of audit, the clerk comes across several difficulties or new points which he has to discuss with his senior or the auditor. He makes several inquiries which he thinks have not been satisfactorily answered. lastly he might forget these points, so he notes down these points in a book which is called by different names such as Audit Note book or audit memoranda.

Contents of Audit Note book

1. A list of books of account maintained by the client
2. The name of the principal officers, their powers, duties and responsibilities
3. The technical terms used in the business.
4. The points which requores further explanation and clarification.
5. The particulars of the missing vouchers, the duplicates of which have to be obtained.
6. The mistakes and errors discovered.
7. Totals or balances of certain books of account, Bank reconciliation statement .
8. Notes and queries which might be required at subsequent audit.
9. The points which have to be incorporated in the audit report.
10. Any matter which requires discussion with the seniors or with the auditor.
11. Accounting method followed in the business.
12. Dates of commencement and completion of the audit.
13. Provisions in the Articles and Memorandum of Association affecting the accounts and audit.