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Auditors use various tools to document their understanding of an entity's internal control system, including narrative descriptions, internal control questionnaires, and flowcharts.Required:
1. Identify the relative strengths of narrative descriptions, flowcharts, international control question arise
2. Briefly describe how the complexity of an entity's internal control system affects the use of the various tools
Forms of Evidence Observation , is mostly witnessing internal book-keeping procedures and system control. It involves attendance at wages pay out. Observation of stock-ta
Business Risk Approach This approach requires the auditor to determine what are the very important business risks which the client faces. This line of approach both helps the c
expalining the meaning of audit test data
what are the benefit of audit and its limitations
Procedures that Auditor Adopts The auditor’s procedures will include: (1) Getting an understanding of the entity as a whole in order to see the accounting system in proper per
Liability to third parties For long time liability to third parties existed only in respect to physical damage. Liability for financial loss is a current development. Illustra
Why is studying Auditing different from studying other accounting topics?
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
Sundry Debtors and Loans Sundry debtors and loans are not generally material assets of companies another than those companies whose business is to create loans. We shall cons
YvesLaurent has just been put in charge of the BeautyNatural Inc. audit.BeautyNatural is a small, but growing retail chain of natural cosmetics stores. BeautyNatural needs to borro
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