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Detail work on stocks - Audit of Current Assets
Detail work on stocks is imperative in an audit, since there are other review tests that are equally important and these include:
a) Quantity reconciliation of changes in stocks at successive period ends along with records of movements that are issues and receipts.
b) Comparison of quantities of every kind of stock held in one year end along with those held on a previous year end and the related issues and receipts.
c) The gross profit ratio is compared to that of the previous year, other companies and budget.
d) Review of rate of stock turnover along with previous year.
e) Comparison of stock pictures and budgets for stocks, purchases and sales.
f) Consideration of standard costing records, the treatment of variances in such the valuation of work and stocks in progress.
Financial Institutions and Banks - Audit Situations Financial Institutions Because of the recent collapse of many financial institutions, this is still a heavily regu
audit account?
Q. What is Withholding Allowance? Withholding Allowance -Every taxpayer is allowed to claim a withholding allowance, which exempts a certain amount of wages from being subject
Develop a list of tasks the auditor should perform in planning this audit engagement, before any audit testing begins. Ans: It is in the interest of both client and auditor t
Share Capital - Audit Process Share capital is a special type of liability and when it has been issued during the year then verification procedures are as follows: 1. Confirm
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
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.
how to calculate materiality given the acoountin period information
What are the engagement procedures of auditing
State the FIVE threats contained within Auditor''s Code of Ethics and Conduct and for each threat list ONE example of a circumstance that may create the threat.
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