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Advantages and Disadvantages of Joint Audits
The general disadvantages and advantages of joint audits as:Advantages1. All fees and work are welcome to audit firms.2. An occasion to closely examine the auditing methods of other firm.3. The other firm may have extraordinary expertise that might fit well in a joint business.4. The other firm may have geographical place possibilities that complement.5. The other firm may be of that a size such a client company can be serviced that may otherwise be beyond obtainable resources.6. Flexibility of working arrangements along with another firm may avert bottlenecks owing to staff shortage on peak times.Disadvantagesi. Shared legal responsibility. Liability for co-auditor's negligence.ii. Lack of control. Another firm may have dissimilar audit standards that may be unsatisfactory.iii. Any shared work or task may lead to personality clashes.
Disclosure and Presentation - Audit Process IAS 16 provides exclusive disclosure requirements. Fixed assets should be split into appropriate classes and the following shoul
list of assets
State four factors considered determining sufficiency of audit evidence
Current Audit File The current audit file might include inter alia: a) A copy of the audited financial statements and any report prepared as a result of audit work carried out
Firm valuation refers to the total value of a firm in the capital market. It is the stock price of a firm times its outstanding shares. Total value of a firm is also called market
Subsequent Events - Audit Process IAS 10 Events after the Balance Sheet Date prescribes the accounting for, and disclosure of, events than the balance sheet date. Events th
Forms of Evidence Observation , is mostly witnessing internal book-keeping procedures and system control. It involves attendance at wages pay out. Observation of stock-ta
Systems Based audit approach The basis of IAS 400, Risk Assessment and Internal Control. The term systems audit refers to the typical audit approach to medium and large comp
Simple Trust - This type of TRUST is essential to distribute all its income currently, whether or not the TRUSTEE actually does so and it has no provision in trust instrument for c
Fleet Bhd operates a chain of high street retail outlets selling clothing and household items. In 1995, this company was heading for a financial loss and was deemed to have lost st
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