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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.
Initial Identification - Intangible Asset Subsequent to initial identification, an intangible asset is carried at: a) Cost, less any accumulated amortization and any accumu
Statutory Audit is a mandatory audit done by a CA. Finance Audit is conducted by the CA to compliance the legal supplies of monitory issues. If the audit for a business or an orga
What techniques used during an audit? Ans) ? Be professional at all times. Avoid being judgmental. ? Follow safety procedures, clean room procedures, and all other needed pr
Evaluation and Disposition of Misstatements, and the Effect on the Auditor’s Report: Whenever the auditor verifies that, or is not capable to conclude whether, the financial stat
information included in current file in auditing
Checking Consolidation Papers The auditor pays particular concentration to the calculation of: a) Goodwill arising on consolidation and acquisition b) Post-acquisition a
Problem 1: You have been asked to design a system of controls so as to prevent unauthorized payments being made from the bank account. You are required to identify the controls
For each of the following independent situations, state whether you agree or disagree, and briefly explain your answer. (a) Materiality is used only at the planning stage of the
With internal audit we always require to be careful of any manipulations within the company itself. Errors and frauds within the company cannot be denied /overlooked at any cost.
Q. Which of the following statements is not considered a disadvantage of the corporate form of organization? a. Additional taxes b. Government regulations c. Limited liability of s
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