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Existence - Audit Process
In the case of tangible assets existence is confirmed through the auditor visually, considering the asset examining and concerned its condition. This is essential in that visual evidence provides the auditor a good thought as to the reasonableness of the value attached to the asset. Whether it is impossible to visually consider the asset concerned, so we have to seem for related evidence for example, whether a company claims to the suitable local authority to own land payment of rates is evidence which the plot of land exists. For assets that cannot be actually examined, independent estimation from third parties would suffice. We have to obtain into account cut off arrangements to make sure about existence is at the balance sheet date and not for any other time.
In June 2004, Feltex Carpets Limited raised NZ $254 million in an initial public offering. Twenty seven months later the company was in receivership, its share price having collaps
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 stat
Identify and explain FIVE risks to independence arising in carrying out your audit
Bank - Cash and Bank Balances The major concern in this area is to establish the existence of the balances and more currently due to failures in some financial institutions in
Information in the Fixed Assets Register The register can obtain the following information: i. Fixed asset number. ii. The cost and the date of purchase. iii. Descrip
AUDIT RISK As we have seen many parties rely on the audit opinion to make decisions, and therefore it is now a well established fact that if the auditor gives an audit opinion
Negligence in General There is no case against auditors and this made it hard to be accurate as to where the auditor’s legal liability falls. We require therefore referring to
Why is studying Auditing different from studying other accounting topics?
Advocates - Specialized audit Situation The statutory provisions regulating the handling of client's monies are covered in the advocate's act. Reason of the rules:
Procedures that Auditor Adopts The auditor’s procedures will include: (1) Getting an understanding of the entity as a whole in order to see the accounting system in proper per
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