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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 independence essentially protects the auditor's ability to select the most appropriate strategy when conducting an audit. In the preliminary evaluation of internal control, auditor documents internal control systems of the audit client. Auditor has only one method- narrative- for providing the overview of the internal control systems.
Ans: Other procedures may also be performed where the information to be obtained there from may be helpful in identifying risks of material misstatement. Examples of such procedures include:
• Internal Control Questionnaire (ICQ), and:
• Accounting and control system flowcharts.
a. Discover Fifty strengths and Fifty weaknesses after conducting an internal audit of a company. b. What procedures could then be used to determine the most important of these?
Statutory Audits The audits are compulsory below statute in the case of a large amount of number of undertakings involving the following as: Undert
Relevance The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contained in the financial sta
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Related Services to Auditing Additionally, audit services, auditors offer other services. These can be categorized as: Assurance engagements: • Audits • Reviews Non-a
Ask quesThe following situations involve a possible violation of the MIA ByLaws (on professional ethics, conduct and practice). For each situation, (1) decide whether or not the Co
Communications to Regulatory and Enforcement Authorities The auditor’s professional responsibility to sustain the confidentiality of client information ordinarily prevents repo
Summary of IAS 2 Inventories are measured at the lower of cost and net realizable value. Entire realizable price is the calculated selling price in the regular course of busin
Valuation and Income - Verification Procedures Valuation Valuation of listed securities is easily conformed along with suitable financial publications. Directors' valua
information included in current file in auditing
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