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Simple Trust - This type of TRUST is essential to distribute all its income currently, whether or not the TRUSTEE actually does so and it has no provision in trust instrument for charitable contributions. It's to be distinguished from a COMPLEX TRUST. A trust can be a simple trust in one year and a complex trust in another year. In the year in that trust distributes its corpus, it loses its classification as a simple trust.
Banks The Authoritative documents are: The Central Bank of Kenya Act, The Companies Act Cap 486. IAS 30 Disclosure in the Financial statements of Banks and Similar
Audit of Current Assets Verification of Work and Stocks in Progress Authoritative documents: IAS 2/ISA 500/501 IAS 1 Preparation of financial statements requires inv
Audit Procedures - Intangible Assets The auditor's process as far as goodwill is relating would involve as: a) Vouching for details as per the buy agreement of the values
Attempts to define True and Fair It must be concluded that there has been slight attempt precisely to define fair and true. The Companies Act needs an auditor to report in
Amounts Derived From Financial Statements Please note here the auditor is interested in preceding year's evidence since 1. The Companies Act states such corresponding amounts
Definition of Audit Evidence "Audit evidence" which is all the information used through the auditor in arriving on the conclusions on such the audit opinion is support, and in
Related Parties - Audit Evidence IAS 24 prescribes the disclosures essential to the possibility to draw attention which the financial position and loss or profit of an entity
General Verification Procedures - Audit Process 1. Get or prepare a schedule for each and every class of liability. Usually this would indicate the makeup of the liability a
Simple Plans - An employer can adopt a simplified retirement plan known as a SIMPLE Plan (Savings incentive match plan for employees) if it has fewer than 100 employees that receiv
WHAT OF COST OF JOURNAL ENTRY?
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