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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.
Irregularities: Irregularities can be explained as intentional distortions of financial statements for whatever reason and also as misappropriation of possessions whether or no
Work Related Health Problems The health of a person working on a specific job in a particular environment may be affected by both. It is valuable to have a clear understanding
Charities and Non Governmental Organizations Key audit areas: Income: donations therefore are not easy to confirm good internal control is needed particularly o
Requirements of the Companies Act Here the seventh schedule to the Companies Act gives the matters which must be expressly stated in the AUDITOR'S REPORT 1. Where they have
Co-operative Societies and Parastatals Co-operative Societies An audit in this case is carried out as a general audit except you should notice that the auditor is appoi
a) Would King & Queen be liable to EFL? Provide specific case references to support your answer.
Matters of Audit Process Another matter to be covered as: 1. Accounting policies: these should be uniform all over the group and should be properly disclosed. 2. Consoli
Post Balance Sheet Events Post balance sheet events occupy a very significant place in auditing and hence there is generally a program of work which is carried out in this are
What are Objectives Of Internal Audit? Ans) The purpose of internal audit is to remain proper control over business activities. When there is proper control there is maximum eff
The Concept of Audit Evidence Auditing is an evidence gathering exercise. It is an exercise carried out to confirm the assertions made by the management in carrying out the man
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