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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.
Explain the independence between the auditor and the client on financial statement audit engagements
Advocates The statutory provision regulating the handling of client’s monies is covered in the advocate's act. Principle of the rules: To require a lawyer to keep
Auditors Procedures - Disclosure and Presentation 1) Ascertain that what steps the client uses to identify suppliers, selling on terms that reserve title by enquiry of those c
Final Review of the Financial Statements The work we have considered so far has shown which the auditor first gathers facts that the enterprise and the environment it operates
Procedures When Fraud is suspected Whenever the auditor encounters situation that might indicate that there is a material mis-statement in the financial statements resultant fr
Accounting Principles and Policies The user of the accounts expects that the accounting principles and policies used will be in conformity with IAS, be generally accepted, be
ILLEGAL ACTS Auditors may uncover criminal offences committed by a client or an employee of the client. This puts them in a difficult place, though the auditor must act careful
Following three frameworks/ concepts are an integral part of the ‘world of auditing' which may be used by auditors throughout their audit engagements. (i) Overview of the audit
Types of Transaction - Related Party Fundamentally two types of transactions which arise between a related party and a company as: A. It is usual for members of a collectio
what is the effect of fraud and error on the financial statement.please I want simple answer
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