Important points about auditor - audit process, Auditing

Assignment Help:

Important Points about Auditor - Audit Process

The Points that should be noticed that:

i. The auditor must forever date his audit report. This date should be as close as probable to the date of approval of the financial statement through the directors however must be after that date. ISA 700 needs that the date the director's approval to their accounts must be disclosed.

ii. Special condition. These are concern rare circumstances but probable:

a) Whether the auditor becomes aware among the date of his report and the AGM whenever the accounts will be presented, of information such would change his report then he have to:

1. Discuss the issue along with the directors who may desire to amend the accounts

2. Consider getting legal advice

3. Consider creating a statement at the AGM as he is allowed to through the Companies Act.

b) Whether the directors desire to amend the accounts among the date of the report and, the auditor should the posting to the members

1. Consider whether the proposed amendment needs a change in his report

2. Re date his report

3. Review post balance sheet events up to the re dating.


Related Discussions:- Important points about auditor - audit process

Current audit file, Current Audit File The current audit file might inc...

Current Audit File The current audit file might include inter alia: a) A copy of the audited financial statements and any report prepared as a result of audit work carried out

Goodwill and business combinations - intangible assets, Goodwill and Busine...

Goodwill and Business Combinations - Intangible Assets Goodwill is the one of most strange of all assets since it cannot be differentiate from the business.  It cannot be sold

Audit sampling, Audit Sampling ISA 530 Audit Sampling and Other Select...

Audit Sampling ISA 530 Audit Sampling and Other Selective Testing Procedures defines Audit sampling is the application of a compliance or substantive procedure to less than 10

Auditor''s duties - audit of current assets, Auditor's Duties - Audit of Cu...

Auditor's Duties - Audit of Current Assets The auditor's duties can be summarized as follows: a) The accounting ascertaining policies adopted through the entity for pri

management functions and the audit, Describe the management system within ...

Describe the management system within your case study business. Assess the risk of fraud in this business, and suggest methods for detection Management system in this ca

Requirements of the companies act, Requirements of the Companies Act H...

Requirements of the Companies Act Here the seventh schedule to the Companies Act gives the matters which must be expressly stated in the AUDITOR'S REPORT 1. Where they have

Audit evidence, State four factors considered determining sufficiency of a...

State four factors considered determining sufficiency of audit evidence

Forms of evidence, Forms of evidence a) Observation: is usually witne...

Forms of evidence a) Observation: is usually witnessing internal control and book-keeping procedures. It includes attendance at wages pay out. Observation of stock-take, open

Summary of ias 2, Summary of IAS 2 Inventories are measured at the low...

Summary of IAS 2 Inventories are measured at the lower of cost and net realizable value. Entire realizable price is the calculated selling price in the regular course of busin

Evaluate the audit risk faced by each department, Problem: You are an a...

Problem: You are an auditor of a company which operates three large departmental stores at Grand Bay, Port Louis and Tamarin. You are preparing your audit plan and you are p

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd