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Introduction to Vouching
The term vouching is the core thing in an audit that refers to the inspection of documentary evidence by the auditor to support and strengthen transactions. The main purpose of this practice is to establish the authenticity and accuracy of the transactions written in the main bookkeeping of the account. Vouching involves verification of transactions recorded in bookkeeping by checking their authority and documentary evidence on which an entry is made. This also includes confirming and checking whether the amount stated in the voucher is posted to the right account that will reveal the nature of the transaction when it is included in the final report. Valuation is not included in the vouching category
Overview
Vouching can be considered as the essence or the most important thing of an audit, because the success of an audit depends on the accuracy of the vouching that is done. An audit can begin only when all vouchers are entered. Vouching is verification and confirmation of entries recorded in bookkeeping by checking vouchers or documentary evidence such as debit and credit notes, invoices, receipts, reports, etc. The main purpose of vouching is to find that the transactions recorded in the book are properly recorded and they are in the right order and properly authorized. Vouching is different from simple routine checks because vouching is far more accurate.
In the case of routine checks, entries recorded in bookkeeping only reflect information for which the bookkeeping section wants to be disclosed, entries may not be correct without vouchers or vouching. When a company uses vouching, it has documentation and proof of capital, costs and written evidence in the appropriate audit. For audits, vouching is very important because the auditor needs the right proof of all transactions when conducting an audit. If vouching is not done, the auditor's claim will not be considered accurate and fair. By using vouching, fraud that is difficult to detect can be found. Therefore, vouching must be done carefully because of its importance; if not, the auditor can face allegations of negligence
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