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Trace and vouch#

+1 Vote
Trace and vouch#

What is the difference between trace and vouch?strong text

November 10th 2014 AN ACCA USER 170 Points

2 Replies

0 Votes

When you say to trace is looking for an evidence that something has taking place, but l don't' think the word trace is appropriate to use

When say vouch you look for supporting evidence. Say an asset value in the FS you ascertain the value in the books and the method of depr applied to arrive at the nbv of that asset in the asset register and you

November 25th 2014 AN ACCA USER 150 Points
0 Votes

Tracing is matching the source documents withe the accounting records.
Opposite of that (i.e. matching the accounting records with the source documents) is vouching.

When an auditor traces (i.e matches the source document of a transaction with the accounting records), he/she is trying to ensure that the transaction is completely recorded, and when the auditor vouches (i.e. looks for the source documents of a transaction recorded), he/she is trying to ensure that the transaction has actually occurred and/or is accurately recorded in the records.

Hope it helps....

November 26th 2014 AN ACCA USER 180 Points