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Audit Sampling
ISA 530 Audit Sampling and Other Selective Testing Procedures states Audit sampling is the application of a compliance or substantive procedure to less than 100% of the items within an account balance or class of transactions such that all sampling units have a chance of selection. To enable the auditor to obtain and evaluate evidence of some characteristics of the balance or class and to form or assist in forming a conclusion concerning the population from which the sample is drawn. There are two manners to sampling in auditing:i. Judgement sampling (or non statistical)ii. Statistical sampling
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
Q. Which of the following represents the largest number of common shares? a. Treasury shares b. Issued shares c. Authorized shares d. Outstanding shares
Need of Assertions in Obtaining Audit Evidence Management is responsible for the fair presentation of financial statements which reflect the nature and operations of the entit
Normal audit risk Indications that an audit is a normal risk audit are: (1) The client having management and staff who are competent and have integrity; (2) Where the client h
Presentation and Disclosure - Audit Process Specific presentation involves presentation in accordance along with the suitable IFRS/IAS or International Accounting Standards.
Furniture, Fixtures and Disposal of Non-Current Assets Furniture, fixtures and fittings The only matter here to note is the depreciation of fittings and fixtures. Since
Goodwill and Fair Value The main points the auditor needs to verify for any goodwill arising in the accounting period are as follows: (i) Examine the procedure used to find
Pension Funds - Specialized Audit Situation Pension funds are set up through companies or another organization: (a) To retired employees to administer the pension payable
Blowing the Whistle on Former Partners On St. Patrick's Day in 1992, Chambers Development Company, one of the largest landfill and waste management firms in the United States, a
Financial Instruments - IAS 32 and IAS 39 IAS 39 and IAS 32 are examinable to the extent such they deal along with the presentation and measurement of equity, debt or else con
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