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Q. If Kiner Company issues 3,000 shares of $5 par value common stock for $70,000, the accounta. Paid-in Capital in Excess of Par Value will be credited for $15,000.b. Common Stock will be credited for $15,000.c. Paid-in Capital in Excess of Par Value will be credited for $70,000.d. Cash will be debited for $55,000.
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
B. The following situations involve a possible violation of the MIA ByLaws (on professional ethics, conduct and practice). For each situation, (1) decide whether or not the Code ha
A municipal village or a nonprofit organization solicits bids for the annual audit from local audit firms, and the firm with the lowest bid is selected. Answer the following que
Audit points - Audit Process Key audit points are as 1. Internal control particularly along with regard to computerisation and internal audit. 2. Provision for doubtful
Explain the independence between the auditor and the client on financial statement audit engagements
Reference to an expert in auditor’s report When issuing an unmodified auditor’s report, the auditor must not refer to the work of the expert. This is because such a reference m
Advantages and disadvantages
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Procedures in computing the work of the expert The auditor must obtain reasonable assurance that the expert's work constitutes appropriate audit evidence in support of the fina
Judgmental Sampling Judgment sampling is where the auditor using his own experience and knowledge of the client's business and circumstances selects the sample to be tested wi
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