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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.
Provide the data regarding all about auditing of Newspaper agencies
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
With internal audit we always require to be careful of any manipulations within the company itself. Errors and frauds within the company cannot be denied /overlooked at any cost.
Attempts at definition of the 'true and fair' view There following quotations represent authoritative views on the meaning of true and fair view. A true and fair view impli
Question: Part A (i) Describe audit sampling. Why do auditors sample instead of examining every transaction? (ii) List the four factors that enter into the sample size
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
With internal audit we always require to be careful of any manipulations within the company itself. Errors & frauds within the company cannot be denied /overlooked at any cost.
Question: "The planning, testing, and evaluation of audit evidence for indicia of fraud are unlikely to be successful without that attitude, particularly because fraud is a cri
Question: Part A (i) List and define five audit procedures for obtaining audit evidence. (ii) Why is it necessary to obtain corroborating evidence for inquiry and obser
Fitri, a sole proprietor in pulic practice, plans to establish a separate department that will provide internal audit service to his audit clients.
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