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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
In order for auditor to perform audit as per GAAS, only programming independence is required from the audit client. Ans: Yes I agree with the statement as: Programming independe
An internal audit is one which is conduct by the internal auditors of the company. It is not mandatory for the company and the company just conducts it to keep a check on the opera
nature and scope
IAS 40 Investment Properties Audit work common to all kinds of land and building will be used to establish ownership, existence and price. IAS 40 requires such companies may a
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
Hi Dear, Could you please help me with online exam in Auditing Class !!
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 c
Pension Funds - Specialized Audit Situation Pension funds are set up through companies or another organization: (a) To retired employees to administer the pension payable
audit of insurance entities
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