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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 accounts2. Consider getting legal advice3. 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 members1. Consider whether the proposed amendment needs a change in his report2. Re date his report3. Review post balance sheet events up to the re dating.
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 is the one of most strange of all assets since it cannot be differentiate from the business. It cannot be sold
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 The auditor's duties can be summarized as follows: a) The accounting ascertaining policies adopted through the entity for pri
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 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
State four factors considered determining sufficiency of audit evidence
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 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
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
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