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Audit Function
The audit functions as follows as:
1. To verify the estimation of timing differences;
2. To ensure such permanent differences have not been got into account;
3. Verify the director's view of the extent of the provision needs by:
a) Make Suring that the company is a going concern
b) Examining the evidence upon that the directors have based their assumption and such no timing difference has been reversed
4. Ensure that presentation in the accounts is in accordance along with KAS 10, is unambiguous and comprehensive and.
Stage is a routine subject and the auditors always examine where the company is a going concern, since many valuations bases would change whether the company were not a going concern. So we can still examine the difficulties associated along with the reliability of evidence in support of decreases in the provision for deferred taxation.
Audit Approach - Audit of Accounting Estimates The accounting and auditing matters are mainly concerned along with recognizing the point in time at that the initial disclosure
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Types of Transaction - Related Party Fundamentally two types of transactions which arise between a related party and a company as: A. It is usual for members of a collectio
Problem: "If the auditor wishes to place reliance on internal control,he should ascertain and evaluate those controls and perform compliance tests on their operation" (a) De
Ask Describe the weaknesses in internal control and recommend improvements in Swan’s procedures for the purchase, receipt, storage and issue of raw materials. Organize your answer
auditor is a watch dog not a blood hound
Assertions about classes Assertions about classes of transactions and events for the period under audit : a) Occurrence -events and transactions which have been recorde
Permanent Audit File The permanent audit file might involve, inter alia: a) A copy of the enterprise's statutes or statutory documents and other legal governing the enterpr
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