Post balance sheet events, Auditing

Assignment Help:

Post Balance Sheet Events

Post balance sheet events occupy a very significant place in auditing and hence there is generally a program of work which is carried out in this area. This involves:

i. A routine examination of that events such as group of debts, payment of creditors, sale of stocks, resolution of pending litigation;

ii. A comparison of significant ratios previous to and after the year finish, seeking explanations for several material differences as they may show the presence of non-adjusting or adjusting events or have going to relate implications.

iii. Verification of all material provisions and contingent liabilities at the newest feasible date prior to signing of the accounts to check whether few additional evidence exists such may affect original estimates required.

iv. Review of director's minutes looking for any main new losses of customers or contract or losses of major contracts, and changes in accounting policy, capital expenditure commitments, and new borrowing or share issues, abnormal transactions or extra-ordinary, changes in market situation or products.

v. Discussions along with the management, a review of management accounts, review of cash flow projections and profit forecasts, review of non-risk areas and

vi. Review of relevant external information as reports in newspapers. His review might be as near as probable to the date of signing the audit report.


Related Discussions:- Post balance sheet events

Indications of inapplicability of going concern, Indications of inapplicabi...

Indications of inapplicability of Going Concern Unfortunately, Insolvency is a development industry as the economy suffers a down turn and consequently for a majority of enter

Control problems in charities, Control Problems in Charities 1....

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

Classification of individual business risk, Classification of Individual Bu...

Classification of Individual Business Risk Individual business risk can be low or high impact and low or high likelihood. Here are some illustrations for a satirical magazine.

Challenges facing auditing and assurance in kenya, challenges facing sasini...

challenges facing sasini company"s audited statements

Financial audit, In a financial audit, management assertions or financial s...

In a financial audit, management assertions or financial statement assertions is the set of information that the preparer of financial statements (management) is providing to anoth

Audit of holding companies and group accounts, Audit of Holding Companies a...

Audit of Holding Companies and Group Accounts Authoritative documents are as: The Companies Act Cap 486 IAS 27 IAS 28 IAS 31 IFRS 3 ISA 600 r

General verification procedures - audit process, General Verification Proce...

General Verification Procedures - Audit Process 1. Get or prepare a schedule for each and every class of liability. Usually this would indicate the makeup of the liability a

Strategic audit, A. Board of Directors Best Buy's Board is elected by th...

A. Board of Directors Best Buy's Board is elected by the shareholders to oversee the business and affairs of the company.  The board counsels, advises and oversees management wi

Please assist me with this internet research, Please assist me with this in...

Please assist me with this internet research, Search the internet (e.g. a company's website or sec.gov and find an audit report for a company's audit of internal control over fi

Case study and report, Assessment item 2 Case Study and Report Due date: 19...

Assessment item 2 Case Study and Report Due date: 19-08-2016 Length: 2000 words Task Question 1 (5%) Case: Battersby and Associates Chartered Accountants is a successful mid-t

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd