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Communications to Regulatory and Enforcement Authorities
The auditor’s professional responsibility to sustain the confidentiality of client information ordinarily prevents reporting fraud and error to a party exterior the client entity. The auditor believes seeking legal advice in such situations.
Errors can be explained as an intentional mistake and they can happen at any stage in a business transaction and they can be of any kind. Auditors would principally be fascinated in the prevention, discovery and disclosure of errors for the following causes:(a) Existence of errors might indicate that accounting records are untrustworthy and are thus not a satisfactory basis from which to organize financial statements. The auditor could thus conclude that appropriate books of accounts have not been kept where there are so many material faults. This is a basis for qualification of an auditor's report.
(b) Too many faults might also point out that the system of internal control is not consistent, and hence the auditor wishing to place any reliance on a system of internal control might not be capable to do so.
(c) When errors are of adequate magnitude, they might be sufficient to affect the correct and fair view specified by the accounts.
Subsequent Events - Audit Process IAS 10 Events after the Balance Sheet Date prescribes the accounting for, and disclosure of, events than the balance sheet date. Events th
Fraud and Error ISA 240: the Auditor’s duty to Consider Fraud and Error defines that whenever planning and performing audit procedures, computing and reporting outcomes thereby
Existence of Debtors - Audit Process The easiest technique to establish the existence of a debtor is to enquire the debtor if he exists. This is done through use of a practice
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
IAS 28 - Audit Process IAS 28 applies in accounting for investments in associates, except those held through: Venture capital organisations, or Mutual funds,
project report on absorption of overhead and its different method
Questionable Payments In some countries, business is often gained by bribing ministers or public officials or officers of companies or firms with whom one wishes to do business
Management Representations as a Source of Audit Evidence International Standard on Auditing as abbreviated ISA 580 Management Representations gives guidance and standards on t
discuss the factors affecting the sufficiency of audit evidence
what are requirements for a company to comply with king code?
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