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Amounts Derived From Financial Statements
Please note here the auditor is interested in preceding year's evidence since1. The Companies Act states such corresponding amounts should be disclosed in respect to every item in a company's balance sheet and loss and profit account for the financial year preceding that to that the balance sheet and loss and profit account relate. IAS 7 needs similar information for the cash flow statement.2. These figures from the opening position from that the present years are derived. The auditor might be assured such the opening figures have been appropriately brought forward.3. Accounting policies must be useful constantly from year to year.4. Corresponding amounts must be displayed and the auditor should seek evidence such they are properly exposed.The auditor is not utilized to express an opinion on the corresponding to figures; however he is responsible for ensuring such they area) The amounts that appear in the previous year's accounts or;b) They have been restated to get comparability and consistency or;c) They have been restated because of a change in accounting policy or the improvement of a fundamental error as required through IAS 8.
Using the 30 September 2011 trial balance (appendix to this case study) calculate planning materiality and include the justification for the basis that you have used for your calcu
What is audit planning
With internal audit we always require to be careful of any manipulations within the company itself. Errors & frauds within the company cannot be denied /overlooked at any cost.
Long Term Contracts - Audit Process The authoritative document with reference to long term contracts is IAS 11: Construction Contracts and IAS 18: Revenue Recognition, and ISA
Higher normal risk Several audit assignments involve high audit risk and usually in any client there will always be at least one high risk area. Indications that an audit has
describe possible factors in the auditor-client relationship that can make it more difficult for the auditor to detect fruad
Reliance on the Work of Other Auditors The principal auditor or the primary auditor is solely responsible for the holding company's accounts. So here it is inevitable but that
Method of corrercting evidence?
please verify txns
Q. Explain about Wash Sale? Wash Sale - A wash sale takes place if stock or securities are sold at a LOSS and seller acquires substantially identical stock or SECURITIES 30 day
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