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Judgmental Sampling
Judgment sampling is where the auditor using his own experience and knowledge of the client's business and circumstances selects the sample to be tested without use of any statistical or mathematical tools. Statistical sampling is the drawing of inferences for a large volume of data through an examination of a sample using statistical methods in its selection.
An auditor is conducting an audit of the financial statements of a wholesale cosmetics distributor with an inventory consisting of thousands of individual items. The distributor ke
What are Objectives Of Internal Audit? Ans) The purpose of internal audit is to remain proper control over business activities. When there is proper control there is maximum eff
Audit Function The audit functions as follows as: 1. To verify the estimation of timing differences; 2. To ensure such permanent differences have not been got into accou
Share and deposits Shares may consist of subscription shares and paid up shares. Interest on shares might be credited to the accounts rather than being paid to ensure proper co
Current Audit File The current audit file may involve inter alia: a) A copy of the audited financial statements and other report prepared such as a conclusion of audit work
describe possible factors in the auditor-client relationship that can make it more difficult for the auditor to detect fruad
Communications to Regulatory and Enforcement Authorities The auditor’s professional responsibility to sustain the confidentiality of client information ordinarily prevents repo
Contingencies and Provisions (i) Receive the client's schedule of provisions and seek and contingencies supporting documentation in the form of legal opinions, correspondence
Long Term Contracts - Audit Process The authoritative document with reference to long term contracts is IAS 11: Construction Contracts and IAS 18: Revenue Recognition, and ISA
Work In Progress What such applies to goods for resale applies uniformly to work in progress even when the items present greater problems of valuation and ascertainment to the
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