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For each of the following independent situations, state whether you agree or disagree, and briefly explain your answer.
(a) Materiality is used only at the planning stage of the audit.
(b) Auditor performs analytical work only at the end of the audit.
(c) In order for auditor to perform audit as per GAAS, only programming independence is required from the audit client.
(d) 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.
(e) As per the standard audit engagement letter signed between external financial statement auditor and client/ auditee, auditor's primary role is to detect fraud.
The following situations may or may not breach the ethical requirements of APES 110. You need to state whether they are or are not a breach of the ethical requirements of APES110 a
As an auditor, how would you react to the following situation? The company produced photocopies of fixed deposit receipts as the original receipts were kept in the iron safe of the
audit procedure for shares or common stock
Forms of evidence a) Observation: is usually witnessing internal control and book-keeping procedures. It includes attendance at wages pay out. Observation of stock-take, open
Plant and Machinery - Valuation and Authorization Valuation Valuation is at depreciated historic costs. Auditor's duty is to make sure that the accounting policy for dep
Providers of Funds A further point to note is that modern companies can be very large with multinational activities. Preparing accounts for such a group becomes a very complex
You are the partner in charge of the audit of Drugs4U Ltd, a company which develops, manufactures and sells to the a trade market a wide range of drugs which promote healthy living
Party Disclosures used by IAS 24 IAS 24 utilized the following related party disclosures that 1. Nature of relationships between subsidiaries and parents, even whethe
nature and scope
Internal Control - Investment Whether a trading concern holds merely a few investments, there is unlikely to be any organized internal control systems particularly for those i
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