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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.
Valuation - Long Term Contracts The basis of valuation should be cost plus attributable profit as benefits less foreseeable losses and progress payments both receivable and re
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An auditor is conducting an audit of the financial statements of a wholesale cosmetics distributor with an inventory consisting of thousands of individual items. The distributor ke
Ask You are the senior auditor assigned to the team performing an audit for Restorative Pharmaceutical Corporation (RPC), a 10-year-old publicly held corporation listed on the New
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Types of audits So far we have tended to think in terms of the audit of limited companies, and indeed, the emphasis throughout this text will be on such companies incorporated
Relevance The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contained in the financial sta
Qualities for Final Accounts The qualities needed of the final accounts: the final accounts must possess specified qualities and these are: a) Utilize of acceptable account
Audit Risk and Business Risk We saw in earlier studies that audit risk is often categorized as the product of inherent risk, control risk and detection risk. Auditors should
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