Auditing is a very vast concept regarding tallying, accounting and verifications of the accounts so this is very commonly used by every entrepreneur or a businessman to be audited every month. Regarding audits clubs and theater is a big business and their contribution to the development and employment which has bigger turnovers needs auditor and auditing as well. There are specific exemptions and reduction or can be called taxes that are not bounded for the clubs and theaters to be paid as they are in public services but they need to keep the accounts to be functional and at their best to be reviewed and to be functioned.
How audit for clubs are done?
There are some specific points which are needed to be focused while doing auditing by an auditor which includes his vision for that auditing as he has to decide his scope of work from his appointment letter. After this, he has to know or to decide whether he has engaged for accounting only or some other assignment too. Law ppursuit has to be defined by him as he should know about the legality of the club he has been auditing for. He should know the regulations of the club or specific laws of the club according to the documents maintained by the club. Other specifications are the donations that are received by the club which has to be verified with the receipts and cash books.
Clarify the audits of theater.
Auditors have to follow some specific steps to audit particularly the accounts of the sale of tickets, canteen sale, parking, advertisement, and rental income. Auditors can also verify the income comes from various sources as he can verify the regulation regarding rates of different classes of tickets, benefit shows, and passes or much more can be included. The numbering of the tickets is seriously taken into consideration as they have to be serially numbered. It is the responsibility of the auditor to verify or cross-check the rate of parking for every class of vehicle along with these rules he also has to verify the cash collection on account of parking from slips issued. Sometimes the premises of the theater are on rent or taken on rent and this becomes a prominent duty of the auditor to check the rentals are paid or received as per the agreement, cash book or receipt book.