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Matters of Audit Process
Another matter to be covered as:
1. Accounting policies: these should be uniform all over the group and should be properly disclosed.
2. Consolidated adjustments should be approved out accurately both mathematically and conceptually.
3. He should ensure about all material subsidiaries have been audited.
4. He should investigate about all known co-terminus accounts.
5. He should investigate about for window dressing
6. He should consider foreign subsidiaries whether any.
Investment - Audit Process The investment is held for wealth generation that as interest and dividends on shares and capital growth and loan notice. Recent investments are re
Requirements of the Companies Act Here the seventh schedule to the Companies Act gives the matters which must be expressly stated in the AUDITOR'S REPORT 1. Where they have
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
Statistical techniques Factors to be taken into consideration before adopting statistical techniques: a) The number of clients to whom it is appropriate because set up costs a
How to vouch
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
assume that auditors lost a civil lawsuit for damages and the court found total losses of $5 million. if the auditors were determined to be 30 percent at fault and were the only so
Auditors use various tools to document their understanding of an entity's internal control system, including narrative descriptions, internal control questionnaires, and flowcharts
Audit Procedures - Intangible Assets The auditor's process as far as goodwill is relating would involve as: a) Vouching for details as per the buy agreement of the values
Existence - Audit Process In the case of tangible assets existence is confirmed through the auditor visually, considering the asset examining and concerned its condition. Thi
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