MEANING OF INVESTIGATION:
Investigation implies an inquiry into the accounts and records of a business concern. It is an examination of accounts and records of an undertaking with some special purpose in view. The main purpose of such inquiry is to ascertain the true financial position of the business concern or its normal profit earning capacity or the extent of fraud, if any, or to inquire about the suspected mismanagement etc. So, the investigation is a sort of special audit with a particular job in view.
A) The purpose of investigation varies from Business to business.
B) The purpose of audit is to determine the true and fair view.
A) The investigation relates to critical checking of particular records.
B) The audit relates to checking of all the books and records of particular period.
A) The investigation may be conducted on behalf of owners and outsider like investors.
B) Audit is conducted on behalf of owners only & they make the appointment.
A) Investigation work can be complete thorough cent percent checking.
B) Audit work may be complete thorough test checking.
A) The investigation has no time limit. It may relate to many years.
B) The audit of accounts is made for a particular time period.
A) The investigator may or may not be a Chartered accountant.
B) The auditor is usually a chartered accountant.
A) The investigator may examine employees personally.
B) The auditor does not examine personally.
A) The investigator is voluntary. It may become compulsory in certain cases.
B) The audit work is compulsory under Law for companies and other concern.
A) The investigation is usually conducted after the audit of accounts.
B) The audit is usually conducted before investigation of accounts.
A) There is no legal requirement to disclosed information in investigation.
B) The audit requires full disclosure of information under the law.
A) The investigator is not bound, to follow accounting principles and policies.
B) The audit staff is bound to follow the accounting principles and policies.
A) The investigation depends upon audited accounts for his work. Audited accounts Are not necessary for investigation.
B) The audit depends upon accounts for checking the business performance. Special audit may require audited accounts.
A) The investment can make necessary adjustment in the books of accounts.
B) The auditor cannot makes adjustment in the books of accounts.
A) The investigator collects substantive and conclusive evidence in support of his viewpoints.
B) The auditor collects prima facie evident to support his viewpoint.
A) The investigator report is in detail. It can show documents examined, methods applied and whole work done.
B) The audit report is stereotype but conditional report may show more weakness of the business concern.
A) The investigation is not a regular feature of business. It is conducted occasionally.
B) The audit work is a regular matter. It is conducted every year.
A) The investigator can recommend the course any of action to overcome the weakness.
B) The auditor has no right to recommend course of action unless asked to do so.
A) The investigation work is started with doubt. The investigator thinks that there is some thing wrong.
B) The audit work is started with out any suspicion. Auditors think that all matters are right.
A) The investigation report is a personal document. It cannot be used as evidence.
B) The audit report is a legal document. It can be used as evidence.
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