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Experts as a source of Audit Evidence
Mostly the auditor's work on evidence obtained from along within the entity supported through confirmations from third parties will provide him enough reliable evidence which can enable him to provide an unqualified opinion. However there are certain circumstances where his knowledge is not enough and he may see requirement to rely on the opinion of other experts to support him from his opinion.
The authoritative document on this subject on ISA 620: Using the work of an expert. Hence it defines an expert or a specialist such a firm possessing special skills or a person, experience and knowledge in a particular field other than auditing and accounting. The expert may be engaged through the client or through the auditor; he may be employed through the client or through auditor.
Q. Walkthroughs for auditor? Walkthroughs provide the auditor with evidence to: 1. Confirm auditor's understanding of the process flow of transactions. 2. Confirm auditor
Amortization and Impairment Amortization - capitalized costs would be amortized to reflect the pattern whether the related economic benefits are identified. Once commercial
Analyse the ratios in conjunction with the additional information and identify from your analysis, implications for the audit and any particular audit steps that need to be underta
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
An internal audit is one which is conduct by the internal auditors of the company. It is not mandatory for the company and the company just conducts it to keep a check on the opera
Existence - Plant and Machinery However this should generally be checked through physical inspection, so a problem arises. Items of machinery and plant can be numerous mobile
Disclosure Requirements - Investment In common terms, the following items have to be disclosed in the concern to all investments: (a) The accounting policies about:-
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
B. The following situations involve a possible violation of the MIA ByLaws (on professional ethics, conduct and practice). For each situation, (1) decide whether or not the Code ha
Accounting Treatment Prescribed by IAS 38 IAS 38 prescribes the accounting treatment about to intangible assets, except: a) Intangible assets which are under the scope of a
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