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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.
Q. Explain about Wash Sale? Wash Sale - A wash sale takes place if stock or securities are sold at a LOSS and seller acquires substantially identical stock or SECURITIES 30 day
Investment - Audit Process The investment is held for wealth generation that as interest and dividends on shares and capital growth and loan notice. Recent investments are re
Assertions about account Assertions about account balances at the duration end: a) Existence -assets, equity and liabilities interests exist. b) Obligations and Ri
Auditors Procedures Before Stock Taking 1) Study of the clients stock taking recommendations and instructions for improvements or changes whether the auditor considers them in
Step 1: Determine learning objectives. Considering the importance of a course, its placement in a program of study, and its role in providing a base of knowledge to be built upon
Common stock valuation 1. Features of common stock (You may review common stock learned from TCA 221) a. Residual claim on income and assets (after debt holders and preferre
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
a. Discover Fifty strengths and Fifty weaknesses after conducting an internal audit of a company. b. What procedures could then be used to determine the most important of these?
the availability of audit evidence is necessary but not sufficient condition for absolute reliance on the figure presented for audit
Contingencies and Provisions (i) Receive the client's schedule of provisions and seek and contingencies supporting documentation in the form of legal opinions, correspondence
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