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Financial Statements Rely
All Financial providers people must be sure that the financial statements can be relied upon.It should be noted that:1. The auditor himself must be independent to have credibility.
2. He must have the primary objective of producing a report of his opinion on the truth and fairness of the accounts, so that any person reading and using them can believe in them.
3. Subsidiary objectives can be seen to be the detection of errors and fraud, the prevention of errors and fraud by the deterrent and moral effect of the audit and the ability to provide other benefits to his clients such as: • Assistance with accounting; • Systems; • Taxation; • Financial and other problems.The Companies Act was designed to protect shareholders from directors hence the need for an audit as contained in the Companies Act mainly relates to limited liability companies, but as we shall see any organization can benefit from an audit.
Assertions about account Assertions about account balances at the duration end: a) Existence -assets, equity and liabilities interests exist. b) Obligations and Ri
The following situations may or may not breach the ethical requirements of APES 110. You need to state whether they are or are not a breach of the ethical requirements of APES110 a
What is audit planning
Audit points - Audit Process Key audit points are as 1. Internal control particularly along with regard to computerisation and internal audit. 2. Provision for doubtful
Judgmental Sampling Judgment sampling is where the auditor using his own experience and knowledge of the client's business and circumstances selects the sample to be tested wi
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
factors that influence auditors judgement on sufficiency of audit evidence
IAS 36 Impairment of Assets It is very necessary for the auditor to determine the client's method for determining and accounting for impairments. Corresponding IAS 36, 'impai
The management of a newly incorporated company is unsure as to the need for an audit. Your services have been requested to explain to management the concept of auditing. Requir
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
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