Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Share Capital - Audit Process
Share capital is a special type of liability and when it has been issued during the year then verification procedures are as follows:1. Confirm that the matter is within the limits authorised through Articles and Memorandum of Association.2. Verify the directors' minutes to ensure about the matter was authorised.3. Vouch the accurate recording of monies received.4. Ensure about the correct treatment of any share premium got in so doing keep in mind that the share premium account can merely be required to matter fully paid bonus shares, write off expenses of share or debenture issue, write off preliminary expenses, write off discounts on shares or debentures and to give for a premium payable on the redemption of redeemable priority shares.5. Check the prospectus whether there was one application, application and allotment sheets, and the cash received records, the share register, share certificate counterfoils and repayment to failed applicants.6. The payment vouches of underwriting and other fees.7. When the matter is not for cash therefore for other considerations as the goodwill and their assets of a business, the agreement vouch and ensure about the all entries are appropriately made.8. Whether the matter was subject to approval from the Nairobi Stock Exchange, after that ensure that approval has been acquired. Whether it has not been acquired all the money subscribed is returnable. Ensure about the all the money was placed in a divide bank account until all conditions were satisfied. Ensure about the minimum subscription has been obtained since if there were not sufficient subscribers then the entire is returnable.Whenever there is no new matter of shares the audit work involves:1. Determination of the total shares of all class as stated in the balance sheet and the receiving of a list share holdings that in total should agree along with the balance sheet total.2. Testing the balances in the share register along with the list and vice versa.3. Whether the share register is maintained through an independent firm of registrars, the auditor should receive a certificate such the above work has been done.
4. Vouch transfers to such the share register and share transfer forms.
Audit of Partnerships The audit of a partnership is not normally required by statute and so the auditor must agree with the client what his rights and duties are going to be. T
The first work you do in IDEA IS SECTION 2.5. The accounts receivable folder that you are instructed to select on page 25 is a folder that you are to create previously on page 23.
Pension Funds Pension funds are set up by companies or other organizations: (a) To administer the pension payable to retired employees and (b) Ensure that funds are available
write short note on the following; audit sampling population sample size sample unit stratification extrapulation
#quInternal Audit checklist for fixed assetsestion..
Examine consignment agreement s and contracts
Ask question #MA. Evaluate the strengths and weaknesses of preview Company''s control environment B. What factors in Preview company''s control environment have led to and facilit
Provision and Accruals Previous to we consider the audit procedures along with regard to accruals and provisions, it is essential to clarify the meaning of two words in genera
if a proxy is voted as per his judgement other than member prescribed to him... what is the action to be taken?
challenges facing sasini company"s audited statements
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd