Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The Concept of Audit Evidence
Auditing is an evidence gathering exercise. It is an exercise carried out to confirm the assertions made by the management in carrying out the management duties and in producing accounts meant to give a true and fair view. The authoritative document is the ISA 500 Audit Evidence. The auditor proceeds by: 1) Identifying the assertions made by the directors expressed or implied for every item in the accounts;
2) The evaluation of every assertion for relative importance so as to assess the quantity and quality of audit evidence required;
3) Using both compliance and substantive procedures to collect information and evidence to support the amount at which items have been disclosed and the nature of that disclosure;
4) The evaluation of the evidence collected to ensure that it is relevant, reliable and sufficient;
5) To formulate a judgement on the truth and fair presentation of the items.
Having formulated the judgement on each item included or excluded from the accounts, the auditor then formulates a judgement on the truth and fairness of the accounts taken as a whole. To do this he will find that he needs other evidence in addition to the judgement he made on the individual items.
Determinants of amount of audit evidence
what is edp auditing?
IAS 36 Impairment of Assets It is very necessary for the auditor to determine the client's method for determining and accounting for impairments. Corresponding IAS 36, 'impai
Incorporated Banks under Companies Act Banks are incorporated under the Companies Act like any other business but are granted special privileges under the same Companies Act a
The Tonka Manufacturing Company conducts its annual physical inventory at the end of the calendar year as a result of the auditor's assessment of non-operating internal controls in
Disclosures about Inventories - IAS 2 IAS 2 specifies disclosures about inventories. In a large manufacturing company, no article in the balance sheet appears verification
Subsequent Events - Audit Process IAS 10 Events after the Balance Sheet Date prescribes the accounting for, and disclosure of, events than the balance sheet date. Events th
Key Audit Areas Key audit areas in detail (a) Ascertainment of creditors and debtors: Insurance companies do not keep their personal ledgers in such a way as to prod
Ask question #MA. Evaluate the strengths and weaknesses of preview Company''s control environment B. What factors in Preview company''s control environment have led to and facilit
The Need for an Audit If you take an example of a modern large liability company, we can clearly distinguish between the providers of funds and those who control those funds. The
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd