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Dealings with Directors and Other Parties - Sundry Debtors and Loans
Dealings along with directors and other related parties: The auditor's duties are follows as:i. The review of all loans made to connected persons and directors outstanding at any time of the year. Materiality does not relate. All loans must be reviewed.ii. Certificates of confirmation should be got from the directors concerned.iii. Understand the board minutes to ensure such all advances are subject to appropriate board minutes.iv. Ensure to compliance along with the law.v. Full disclosure as needed should be made.vi. Whether the directors fail to give all the relevant information in the accounts the auditor is needed to provide that information in his report.
Valuation of Debtors Debtors are valued simple like other assets at the lower of cost and total realisable value. Valuation of debtors is actually a consideration of where the
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Fortex Limited, the meat processing firm, was formed in 1985 from three smaller companies. In 1993, however, after a few years of spectacular growth, the company collapsed. a)
Ownership and Existence - Verification Procedures Establishment of title and beneficial ownership of investments is not convincingly possible. Conversely, evidence is obtainab
Hi Dear, Could you please help me with online exam in Auditing Class !!
Presentation and Disclosure - Audit Process Specific presentation involves presentation in accordance along with the suitable IFRS/IAS or International Accounting Standards.
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