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Beneficial Ownership and Existence
Existence
Existence of buildings and Land is not hard to display. You may even be sitting in such building. Conversely, the auditor requires to be sure which the land and buildings which he is seeing are the genuine buildings and land referred to in the accounts. Therefore he may require evidence from a map of that area.
Beneficial Ownership
Title deeds would mostly be available for freehold land and they might be examined to ensure which they are validly in the name of the company. Land is often subject to mortgage so the auditor must be aware to ensure which charges are properly disclosed in the accounts. That charges should be recorded in the company's register also of charges. Title deeds have to be examined automatically on each audit. Whether is no title deed to a building hence beneficial ownership is implied, therefore such the building is on our land we paid for it, we occupy such building, , the title deed of the land is in our identification, it follows such the building is ours also.
Judgmental Sampling Judgment sampling is where the auditor using his own experience and knowledge of the client's business and circumstances selects the sample to be tested wi
Relevance - Sources of evidence The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contain
Audit points - Audit Process Key audit points are as 1. Internal control particularly along with regard to computerisation and internal audit. 2. Provision for doubtful
Initial Identification - Intangible Asset Subsequent to initial identification, an intangible asset is carried at: a) Cost, less any accumulated amortization and any accumu
State four factors considered determining sufficiency of audit evidence
Verification Work - Audit Process At the same time the audit process will need verification work as an example: examination of costing records, allocation and verification of
What is audit planning
In performing a test of controls for sales order approvals, the CPAs stipulate a tolerable deviation rate of 8 percent with a risk of assessing control risk too low of 5 percent. T
hi, im a preformer and i want to know should i be myself duing an audition or should i act proper ans sweet like everyone els
For each ethical threat explain how it might be avoided?
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