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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.
Pending Litigation - Audit Process Since of the inherent uncertainty, in calculating the outcome of legal actions so this is an especially difficult area for the auditor. Seve
Reserves - Audit Process Movements in reserves need disclosure in the balance sheet, the loss and profit account, the director's reports or in the notices to the accounts. The
Assertions about classes Assertions about classes of transactions and events for the period under audit : a) Occurrence -events and transactions which have been recorde
Simple Trust - This type of TRUST is essential to distribute all its income currently, whether or not the TRUSTEE actually does so and it has no provision in trust instrument for c
challenges facing sasini company"s audited statements
Pension Funds Pension funds are set up by companies or other organizations: (a) To administer the pension payable to retired employees and (b) Ensure that funds are available
Statistical sampling - Advantages A. It is defensible and scientific; B. It gives a precise mathematical statement for probabilities of to be correct; C. It is efficien
Litigation and claims ISA 501 Audit Evidence - Additional Consideration for exact Items requires such auditors should carry our process to become aware of any material litig
Insurance Companies Authoritative documents involved as: The Insurance Act The Companies Act IFRS 4 Insurance Contracts The major legislation governing insu
Factors Affecting and Controlling Occupational Health (i) Walking-Working Surface Workers must work or move on different surfaces while working. Such - surfaces are cha
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