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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. Several actions are possible that assist in certifying the existence however not essentially the amount of liabilities such will arise out of legal action.These included:a) Review of the client system for recording disputes and claims and the process for bringing this to the attention of the board.b) Review of the managements for instructing solicitors.c) Examination of the minutes of the board for references to and indications of probable claims.d) Inspection of bills rendered through the solicitors.e) Review of correspondence along with solicitors and obtaining a list of all issues referred to solicitors along with an estimate of the possible ultimate liability.f) Written assurance in the form of a representation letter from a suitable director which he is not aware of any other matters referred to the lawyers another than those disclosed. Whether the auditor is in doubt he should receive a direct confirmation from the Company's lawyers. The request must be send by the client not through the auditor.
In order for auditor to perform audit as per GAAS, only programming independence is required from the audit client. Ans: Yes I agree with the statement as: Programming independe
during the preliminary stage of an audit, an auditor most likely would not do the following
Write a paper (may be real or fictional) involving Accounting and business moral dilemmas. The paper should be 13 pages (double spaced) in accordance with APA guidelines. more des
Sufficiency of audit evidence The audit evidence should in total enable the auditor to form an opinion on the financial statements. Sufficiency is a measurement of the quantity
Control Problems in Charities 1. Door to door collections : Volunteers should be mattered along with numbered boxes, the boxes should be sealed, and the boxes should be
Audit Work on the Holding Company We will focus on the verification of investments in subsidiary companies. 1. Get a schedule that should contain the following information. A
Question : (a) Describe the following terms: 1) Forensic Accounting; 2) Forensic Investigation; 3) Forensic Auditing. (b) Explain the basic elements to consider for
IAS 36 Impairment of Assets It is very necessary for the auditor to determine the client's method for determining and accounting for impairments. Corresponding IAS 36, 'impai
Reliance on the Work of Other Auditors The principal auditor or the primary auditor is solely responsible for the holding company's accounts. So here it is inevitable but that
WHAT OF COST OF JOURNAL ENTRY?
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