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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.
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#quInternal Audit checklist for fixed assetsestion..
Motor Vehicles - Audit Process Similar considerations govern the audit of motor vehicles as to those relating to machinery and plant. The simply matter of consideration now i
Sales are shipped FOB shipping point with credit terms n/45. You have verified that the last shipping number used in 2009 was 261,336 and that numbers were used in numerical order.
QUESTION: (a) The auditor should get relevant and reliable audit evidence sufficient to enable him to draw reasonable conclusions therefrom: (i) What do you understand by
Audit Risk and Business Risk We saw in earlier studies that audit risk is often categorized as the product of inherent risk, control risk and detection risk. Auditors should
Q. Explain about Wash Sale? Wash Sale - A wash sale takes place if stock or securities are sold at a LOSS and seller acquires substantially identical stock or SECURITIES 30 day
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
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