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Reserves - Audit Process
Movements in reserves need disclosure in the balance sheet, the loss and profit account, the director's reports or in the notices to the accounts. The auditors must certify proper authorization has been provided for these movements and they must vouch the recording of this movement. The auditors must certify that material amounts of reserves are categorisation under suitable headings. The capital redemption reserve fund and the share premium account need separate recognition and the aggregate amount should be shown also. Provisions must be reviewed to certify that they did not contain secret reserves.
Question 1: Auditing standards regulate the audit profession. a) Explain the importance and role of audit standards. b) Lists four of the standards issued by the INTOSAI
The most effective means for an AUDITOR to confirm his understanding how internal control over financial reporting is designed and operates to test and evaluate its effectiveness.
audit account?
Normal audit risk Indications that an audit is a normal risk audit are: (1) The client having management and staff who are competent and have integrity; (2) Where the client h
Determinants of amount of audit evidence
Responsibilities of the Auditor The Auditor has no duty for the prevention and recognition of fraud and error though the annual audit might act as a restraint. As explained
Issues in Audit of Intangible Assets The two key issues in such audit of intangible assets are: (a) Recognition of intangible assets The audit problem here is to mak
(a) In order to draw reasonable conclusions, an auditor is required to identify and use audit procedures to gather audit evidence. You are required to identify and explain, five
Furniture, Fixtures and Disposal of Non-Current Assets Furniture, fixtures and fittings The only matter here to note is the depreciation of fittings and fixtures. Since
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
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