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Describe How does the internal audit differ from an external audit?
Ans) Internal audit nothing but the checking the product that you formed.
External audit is checking your product by your customer. Here it means you may not search mistakes in your processes but a third man who comes and check the system he might see some deviations in the system and give suggestions for the improvements of the system..
Summary of IAS 2 Inventories are measured at the lower of cost and net realizable value. Entire realizable price is the calculated selling price in the regular course of busin
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
Develop a list of tasks the auditor should perform in planning this audit engagement, before any audit testing begins. Handbook section CAS 315 lists management assertions embod
How would you value the Goodwill
Discontinued Operations - Audit of Accounting Estimates A discontinued operation is a component of an entity that either has been disposed of or is held for sale. So it might
Sales are shipped FOB shipping point with credit terms n/45. You have verified that the last shipping number used in 2009 was 261,336 and that numbers were used in numerical order.
Advocates - Specialized audit Situation The statutory provisions regulating the handling of client's monies are covered in the advocate's act. Reason of the rules:
Forms of Evidence Observation , is mostly witnessing internal book-keeping procedures and system control. It involves attendance at wages pay out. Observation of stock-ta
list of assets
describe how the auditors would determine that all investments income from shares had been properly recorded in the accounting records
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