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Auditors Procedures - Audit Process
The relevant authority on post balance sheet events is ISA. The preparation of loss and profit account and balance sheet will forever include the consideration of events that have or will happen after the balance sheet date. The purpose being there are numerous dealings in progress at the balance sheet date which outcome is uncertain and so further events subsequent to the balance sheet date such have happened or are expected to occur require to be examined to determine the suitable values of liabilities and assets. Examples abound like the collectability of debts, the total realisable value of old stocks, the conclusion of litigation. Even the value of fixed assets is a function, of their expected future needful life.Because the directors in preparing the accounts will invariably require post balance sheet events, the auditor must receive evidence such all post balance sheet events have been considered and where suitable utilized and balance sheet values accurately incorporate post balance sheet events.
Audit Sampling ISA 530 Audit Sampling and Other Selective Testing Procedures defines Audit sampling is the application of a compliance or substantive procedure to less than 10
Relevance of Audit Evidence The relevance of audit evidence has to be determining in relation to the overall objective of forming a reporting and opinion on the financial stat
Why is studying Auditing different from studying other accounting topics?
the reliabity of audit evidence defers with source is that true
List the internal controls that should be in effect solely because a EDP system is employed, classifing them as (1) Those controls pertaining to input of information and (2) All ot
Identify and explain FIVE risks to independence arising in carrying out your audit
Fitri, a sole proprietor in pulic practice, plans to establish a separate department that will provide internal audit service to his audit clients.
Communication: Whenever the auditor recognizes a misstatement resultant from fraud, or a suspected fraud, or error, the auditor must consider the auditor’s duty to communicate
Disclosure Requirements - Investment In common terms, the following items have to be disclosed in the concern to all investments: (a) The accounting policies about:-
People do not plan to fail, they fail to plan. Planning is an essential feature of an effective audit. The most effective plan is one that is reduced to writing, outlining the au
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