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Judgmental Sampling
The Judgement sampling is where, auditor using his own experience and awareness of the client's business and situations selects the sample to be tested with no use of any mathematical or statistical equipments. Statistical sampling is the drawing of inferences around a large volume of data by an inspection of a sample using statistical techniques in its selection.The benefits of judgment sampling:
Its disadvantages are:
Judgement sampling is yet the preferred technique by the majority of auditors and this is defended on the grounds which the auditor is weighing numerous pieces of evidence and is investigating many things at similar time that the entire procedure is too complex to be reduced to easy formulas.
Non Current Assets or Fixed Assets In usual countries, not current assets are commonly classified like: a) Intangible assets Patents Licences Developme
Negligence in General There is no case against auditors and this made it hard to be accurate as to where the auditor’s legal liability falls. We require therefore referring to
Audit of Assets- Audit Process Non current assets have the fundamental characteristic which they are held for require in the business and not about resale. IAS 1 Presentation
Key Audit Areas Key audit areas in detail (a) Ascertainment of creditors and debtors: Insurance companies do not keep their personal ledgers in such a way as to prod
What is an audit, what financial records are available and what is their individual function in completing your audit? Audit is an independent examination of financial informat
General phases of control evaluation are: Phase 1: Understand and document • Understand the client's internal control • Document the understanding of internal control o
importance of debtors circularisation
Assets held for Sale - Audit Process A non-current asset or disposal collection is classified as held for sale whether its carrying amount will be recovered principally via a
Types of audits So far we have tended to think in terms of the audit of limited companies, and indeed, the emphasis throughout this text will be on such companies incorporated
Question: "The planning, testing, and evaluation of audit evidence for indicia of fraud are unlikely to be successful without that attitude, particularly because fraud is a cri
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