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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.
Audit of Accounting Estimates An accounting estimate is described in ISA 540 Audit of Accounting Estimates as 'an estimation of the amount of an item in the absent of a precis
The function of internal audit is concerned with analysis of internal check. The internal audit can look into the duties of every employee. All employees are given jobs on the basi
You are auditing XYZ company for the year ended 12/31/2012 and will be expressing an opinion on their financial statements as of that date. You completed your field work on 1/21/13
Advantages and disadvantages
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Research and development Panorama Ltd manufactures and distributes a wide range of general pharmaceutical products. Selected audited data for the reporting period ended 31 Dec
Fleet Bhd operates a chain of high street retail outlets selling clothing and household items. In 1995, this company was heading for a financial loss and was deemed to have lost st
Techniques of Obtaining Evidence ISA 500 mentions them as such: Inspection of documents or records, Inspection of tangible assets, Observation, Inq
The Accounting System ISA 400 Risk Assessment and Internal Control accounting system are the sequence of tasks and records of an entity by which transactions are procedure as a
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