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Statistical sampling - Advantages
A. It is defensible and scientific;
B. It gives a precise mathematical statement for probabilities of to be correct;
C. It is efficient over large samples are not in use;
D. It tends to source uniform standards among different auditing firms;
E. It can be used through lower grade staff who due to lack of experience may be lacking the necessary judgment required through the judgment sampling.
The modern approach allows one audit of an auditable entity with one comprehensive report. One additional advantage is that this approach assists in staff development and retention
Beneficial Ownership - Audit Process We have to examine documents of title as e.g. title motor vehicles, deeds and log books. Whether there are no implied ownership can suffi
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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
Checking Consolidation Papers The auditor pays particular concentration to the calculation of: a) Goodwill arising on consolidation and acquisition b) Post-acquisition a
Explain the independence between the auditor and the client on financial statement audit engagements
For each of the following independent situations, state whether you agree or disagree, and briefly explain your answer. (a) Materiality is used only at the planning stage of the
The International Auditing and Assurance Standards Board The IAASB is a Board familiar by IFAC. The associates of the IAASB are selected by the IFAC Board to serve on IAASB. IA
People do not plan to fail, they fail to plan. Planning is an essential feature of an effective audit. The most effective plan is one that is reduced to writing, outlining the au
You are the partner in charge of the audit of Drugs4U Ltd, a company which develops, manufactures and sells to the a trade market a wide range of drugs which promote healthy living
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