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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.
Action if Management Refuses to Provide Representations If management refuses to provide a representation that the auditor considers essential, this constitutes a scope restric
Reference to an expert in auditor’s report When issuing an unmodified auditor’s report, the auditor must not refer to the work of the expert. This is because such a reference m
should your test for unrecorded liabilities be affected by the fact that a letter is obtained in which a responsible management official certifies that to the test of his knowledge
Disclosure and Presentation - Audit Process IAS 16 provides exclusive disclosure requirements. Fixed assets should be split into appropriate classes and the following shoul
Q. Walkthroughs for auditor? Walkthroughs provide the auditor with evidence to: 1. Confirm auditor's understanding of the process flow of transactions. 2. Confirm auditor
Capital Commitments - Audit Process The Companies Act needs capital commitments be disclosed through a way of note to the accounts. Therefore the auditor must execute suffici
What are the are the advantages and disadvantages of auditing an IT firm
types of edp accounting system
Non Current Assets or Fixed Assets In usual countries, not current assets are commonly classified like: a) Intangible assets Patents Licences Developme
Evaluation and Disposition of Misstatements, and the Effect on the Auditor’s Report: Whenever the auditor verifies that, or is not capable to conclude whether, the financial stat
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