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Evaluation and Disposition of Misstatements, and the Effect on the Auditor’s Report:Whenever the auditor verifies that, or is not capable to conclude whether, the financial statements are materially mis-stated as an outcome of fraud or error, the auditor must consider the allegation for the audit.
Documentation:The auditor must document fraud risk factors recognized as being present during the auditor’s assessment procedure and document the auditor’s reaction to any such factors. When during the act of the audit, fraud risk factors are recognized which cause the auditor to consider that additional audit processes are essential, the auditor must document the existence of such risk factors and the auditor’s reply to them.Communication:Whenever the auditor recognizes a misstatement resultant from fraud, or a suspected fraud, or error, the auditor must consider the auditor’s duty to communicate that information to management, those charged with supremacy and, in some conditions, to regulatory and enforcement authorities.
Existence - Audit Process In the case of tangible assets existence is confirmed through the auditor visually, considering the asset examining and concerned its condition. Thi
How to involve people in audit? Ans) Use audits as opportunities to train others. Ask for a volunteer (who is not an auditor) to walk by the audit process with you as an assista
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
what is the role of a joint auditor
factors that influence auditors judgement on sufficiency of audit evidence
Key Audit Areas Key audit areas in detail (a) Ascertainment of creditors and debtors: Insurance companies do not keep their personal ledgers in such a way as to prod
if a proxy is voted as per his judgement other than member prescribed to him... what is the action to be taken?
State four factors considered determining sufficiency of audit evidence
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
I need a 5 schedules like the sample on the attachment please follow the Instructions you will see in the instructions attachments 4 companies and you have to choose 5th one by yo
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