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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.
Building Societies - Specialized Audit Situation Building Societies are organisations that exist to offer a savings and investment intermediate to the public and to lend to pe
Co-operative Societies An audit in this case is carried out as a normal audit except you should note that the auditor is appointed by the Commissioner of Co-operatives and alth
Q. What do you understand by Yellow Book? Yellow Book - Written by GENERAL ACCOUNTABILITY OFFICE, yellow book sets forth standards to be followed in auditing FINANCIAL STATEMEN
AsList and define five audit procedures for obtaining audit evidence. (ii) Why is it necessary to obtain corroborating evidence for inquiry and observation? (iii) What is the dif
Sales are shipped FOB shipping point with credit terms n/45. You have verified that the last shipping number used in 2009 was 261,336 and that numbers were used in numerical order.
Buyers - Disclosure and Presentation This case (case of Aluminium Industries vaassen B V v. Romalpa Aluminium Ltd) are simply relevant whether creditors involve a material amo
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For each threat explain how it might be avoided.
Concept of Audit Evidence The auditing is an evidence gathering exercise. It is an exercise continued out to confirm the assertions made through the management in carrying ou
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