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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.
Communication: Whenever the auditor recognizes a misstatement resultant from fraud, or a suspected fraud, or error, the auditor must consider the auditor’s duty to communicate
Reference to an expert in the Auditor's Report When issuing an unmodified auditors report, the auditor should not refer to the work of the expert. This is because such a refe
Q. Corporations generally issue stock dividends in order to a. increase the market price per share. b. exceed stockholders' dividend expectations. c. increase the marketability of
Action if Management Refuses to provide Representations Whether management rejects to provide a representation which the auditor considers compulsory, this constitutes a scope
Higher normal risk Several audit assignments involve high audit risk and usually in any client there will always be at least one high risk area. Indications that an audit has
Accounting Principles and Policies The user of the accounts expects that the accounting principles and policies used will be in conformity with IAS, be generally accepted, be
Final Review of the Financial Statements The work we have considered so far has shown which the auditor first gathers facts that the enterprise and the environment it operates
Issues for Finance Leases For the leases such have been categorize as finance leases, a model uses to be checked for the following issues: (i) Check technique used to split
Action if Management Refuses to Provide Representations If management refuses to provide a representation that the auditor considers essential, this constitutes a scope restric
how EDP audit is carried out
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