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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 andvi. 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.
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 wi
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
Procedures in Evaluating the Work of Expert The auditor must get reasonable assurance which the expert's work constitutes suitable audit evidence in based of the financial inf
Contents of Working Papers - Audit The ISA 230 No.3 stresses which audit working papers may always be adequately complete and detailed to enable an experienced auditor along w
State the FIVE threats contained within Auditor''s Code of Ethics and Conduct and for each threat list ONE example of a circumstance that may create the threat.
Accounting Principles and Policies The user of the accounts expects that the accounting principles and policies used will be in conformity with IAS, be generally accepted, be
General phases of control evaluation are: Phase 1: Understand and document • Understand the client's internal control • Document the understanding of internal control o
oversee commission staff to ensure individuals are properly trained and monitored probable risks, controls and audit tests
distinguish between early audits and modern audits
Fairness - Auditing The word fair can have the following meanings: on the other hand clear, plain and distinct and on the one impartial, equitable and simple. When fair is
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