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Audit Approach
The auditor:
1) Must get the cooperation of the client, as simply the client can authorise third parties that communicate along with the auditor.
2) Choose the way to use, this can be negative or positive or may a combination of both.
3) Choose a sample. All customers can be circularised since this is unusual.
4) Draft the circular, however ensure about it is written out on the client letter head and such it requires a reply to be send direct to the auditor.
5) Fill in the details.
6) Himself the letter dispatch.
7) Evaluate and receive replies.
8) Follow up whenever replies are not received.
Examples of Specialists Examples of specialists or experts whose work may be relied upon include: For valuations such as land and buildings, machinery and plant,
Communication with the expert If the auditor intends to use the work of an expert then he must communicate with the expert well in advance to confirm the terms of engagement an
Problem 1: You have been asked to design a system of controls so as to prevent unauthorized payments being made from the bank account. You are required to identify the controls
Explain appropriate audit procedures you would apply in verification of cheque payments.
Relevance The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contained in the financial sta
audit procedure for shares or common stock
Verification of Liabilities - Audit Process Usually speaking, the auditor's duty along with regard to liabilities can be summarised follows as: 1. To confirm the existence of
Procedures in computing the work of the expert The auditor must obtain reasonable assurance that the expert's work constitutes appropriate audit evidence in support of the fina
Existence - Plant and Machinery However this should generally be checked through physical inspection, so a problem arises. Items of machinery and plant can be numerous mobile
Please present an analysis of the attached case. Your analysis should be in the form of a memo not to exceed four pages plus appropriate exhibits. The memo should present your
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