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Capital Commitments - Audit Process
The Companies Act needs capital commitments be disclosed through a way of note to the accounts. Therefore the auditor must execute sufficient work to certify that such amounts are fairly and completely stated. He may receive this information from the directors in a letter of representation however work must be performed to verify the amounts stated. The director's minutes should be reviewed for evidence of authority to situate capital contracts. Examination of capital commitments might be carried out and discussions held along with the suitable management staff. Correspondence along with lawyers should be perused to find out whether any instructions have been provided for drawing up major contracts. The notice must distinguish among expenditure authorised through the directors and the contracts that have already been entered into.
Fitri, a sole proprietor in pulic practice, plans to establish a separate department that will provide internal audit service to his audit clients.
Documentation of Representations by Management The auditor would ordinarily involve in audit working papers evidence of management's representations in form of a summary of or
Your firm has recently been appointed auditors of the Social Transport Corporation and you are commencing the audit of the wages system. The Corporation has about 2500 employee
what is design and operation
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describe how the auditors would determine that all investments income from shares had been properly recorded in the accounting records
Insurance Companies Authoritative documents involved as: The Insurance Act The Companies Act IFRS 4 Insurance Contracts The major legislation governing insu
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