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Completeness of Liabilities
In distortion, the directors tend to involve non-existent assets or keep out liabilities. Hence whereas along with assets we are especially concerned along with existence, beneficial and valuation ownership, along with liabilities, the main concern is along with completeness and hence the use to devote some space to this area. It is not sufficient to be satisfied such all liabilities recorded in the books are accurate and incorporated in the final accounts. The auditor must be satisfied also when there are no other liabilities in existence that for one cause or another are not involved in the books in the accounts.
Accounting Principles - Intangible Assets IFRS 3 prescribes the financial reporting through an entity whenever it undertakes a business combination. A business combination is
Case Study: You have commenced work as a graduate auditor with a well established audit firm. The firm has a wide client base, which includes some of the largest companies in t
Buyers - Disclosure and Presentation This case (case of Aluminium Industries vaassen B V v. Romalpa Aluminium Ltd) are simply relevant whether creditors involve a material amo
IAS 36 Impairment of Assets It is very necessary for the auditor to determine the client's method for determining and accounting for impairments. Corresponding IAS 36, 'impai
Long-Term Liabilities Long-term liabilities are generally evidenced through an agreement called a debenture. For this purpose, long-term loans are often called debentures. The
Statistical techniques Factors to be taken into consideration before adopting statistical techniques: a) The number of clients to whom it is appropriate because set up costs a
The most effective means for an AUDITOR to confirm his understanding how internal control over financial reporting is designed and operates to test and evaluate its effectiveness.
Requirements of the Companies Act Here the seventh schedule to the Companies Act gives the matters which must be expressly stated in the AUDITOR'S REPORT 1. Where they have
Disclosure and Presentation - Audit Process IAS 16 provides exclusive disclosure requirements. Fixed assets should be split into appropriate classes and the following shoul
What is the meaning of it?
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