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Discovery of unlawful acts
When an auditor discovers unlawful acts, usually he is not expected to disclose to the police or other authorities unless:
Hence to sum up, the auditor on discovery of an unlawful act must do nothing positively to assist in the offence or to prevent its disclosure. He should bring all offences of employees to observe of his clients. When the offence is such that its non-disclosure means that the accounts are not showing an accurate and fair view, then the auditor must insist on disclosure or qualify his audit report. Discovery of material defects in prior accounts must be pointed out to the client with recommendation for disclosure.
Problem : As per the Field Standard (INTOSAI), competent, relevant and reasonable evidence should be obtained to support the auditor judgement and conclusions regarding the org
what is the effect of fraud and error on the financial statement.please I want simple answer
Banks Features (a) Profit and loss account: When looking at a bank's profit and loss account the accountant should seek to discover what proportions of the bank's profits
Assertions about classes Assertions about classes of transactions and events for the period under audit : a) Occurrence -events and transactions which have been recorde
The first work you do in IDEA IS SECTION 2.5. The accounts receivable folder that you are instructed to select on page 25 is a folder that you are to create previously on page 23.
Higher normal risk Several audit assignments involve high audit risk and usually in any client there will always be at least one high risk area. Indications that an audit has
IAS 27 - Audit Process IAS 27 applies to the presentation and preparation of consolidated financial statements for a group of entities within the control of a parent. It as w
A municipal village or a nonprofit organization solicits bids for the annual audit from local audit firms, and the firm with the lowest bid is selected. Answer the following que
Work In Progress What such applies to goods for resale applies uniformly to work in progress even when the items present greater problems of valuation and ascertainment to the
Co-operative Societies An audit in this case is carried out as a normal audit except you should note that the auditor is appointed by the Commissioner of Co-operatives and alth
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