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Internal Control - Investment
Whether a trading concern holds merely a few investments, there is unlikely to be any organized internal control systems particularly for those investments.
Along with a larger investment portfolio, there should be a system of internal control that will involve:
(i) Verification actions for sales and purchases
(ii) Register reconciled along with control accounts
(iii) Control over dividend or else interest receipts
(iv) Proper separation of responsibility and supervision.
Checking consolidation papers The auditor pays particular attention to the calculation of: Goodwill arising on acquisition and consolidation Pre-acquisition and post-
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should your test for unrecorded liabilities be affected by the fact that a letter is obtained in which a responsible management official certifies that to the test of his knowledge
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audit procedure for shares or common stock
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