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The function of internal audit is concerned with analysis of internal check. The internal audit can look into the duties of every employee. All employees are given jobs on the basis of their abilities. The auditor can test the effectiveness of internal check. The function of internal audit is examining the application of legal requirements.
The accounts are prepared under particular legal frame work. Verification of accuracy is a function of internal audit. The accuracy of accounting books and records can be verified with the help auditing techniques. The audit techniques have inspection, observation, inquiry, confirmation, computation and review. An auditor can check the accuracy by these techniques.
Valuation - Auditing Process IAS 16 requires that all assets for use through the business have been valued on the basis of depreciated historic costs along with one exception.
Current Audit File The current audit file might include inter alia: a) A copy of the audited financial statements and any report prepared as a result of audit work carried out
In performing a test of controls for sales order approvals, the CPAs stipulate a tolerable deviation rate of 8 percent with a risk of assessing control risk too low of 5 percent. T
Required: Describe a complete audit program for collecting relevant evidence for the audit of the estimated warranty liability. Approach: Develop specific assertions related to
Assertions about disclosure Assertions about disclosure and presentation : a) Rights and Occurrence and obligations -disclosed transactions and events and other issues
The Use of Engagement Letters There is a contractual relationship among an accountant and his client. The accountant must therefore make sure that at the time he decided to exe
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
if a proxy is voted as per his judgement other than member prescribed to him... what is the action to be taken?
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
Question : (a) Describe the following terms: 1) Forensic Accounting; 2) Forensic Investigation; 3) Forensic Auditing. (b) Explain the basic elements to consider for
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