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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.
Questionable Payments In some countries, business is often gained by bribing ministers or public officials or officers of companies or firms with whom one wishes to do business
Audit Approach The auditor: 1) Must get the cooperation of the client, as simply the client can authorise third parties that communicate along with the auditor. 2) Choos
Ask You are the senior auditor assigned to the team performing an audit for Restorative Pharmaceutical Corporation (RPC), a 10-year-old publicly held corporation listed on the New
IAS 27 - Audit Process IAS 27 applies to the presentation and preparation of consolidated financial statements for a group of entities within the control of a parent. It as w
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Problem: (a) Your client has sought your advise on the procedures to be adopted for carrying out the stocktaking which is based on a year-end count. You are required to prepa
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The Tonka Manufacturing Company conducts its annual physical inventory at the end of the calendar year as a result of the auditor's assessment of non-operating internal controls in
Types of audits So far we have tended to think in terms of the audit of limited companies, and indeed, the emphasis throughout this text will be on such companies incorporated
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