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Types of audits
As far we have tended to think in state of the audit of limited companies, and certainly, the emphasis during this text will be on that companies incorporated below the Companies Act 1962, not least since this category of audit situation is at the heart of the wide majority of auditing examination questions. Conversely it may be convenient at this level to briefly indicate the major classes of audit such are undertaken in practice.
Two types of Audit
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
Banks The Authoritative documents are: The Central Bank of Kenya Act, The Companies Act Cap 486. IAS 30 Disclosure in the Financial statements of Banks and Similar
Beneficial Ownership and Existence Existence Existence of buildings and Land is not hard to display. You may even be sitting in such building. Conversely, the audito
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
Co-operative Societies An audit in this case is carried out as a normal audit except you should note that the auditor is appointed by the Commissioner of Co-operatives and alth
Companies Modes of Operation Some companies (especially small ones) operate without any overtly expressed plan and simply carry out the business as always, responding to market
Advantages and disadvantages
Going Concern Considerations - Audit Process IAS 1 Presentation of Financial Statements knows the going related assumption as one of the fundamental assumptions that underlie
Framework of critical thinking principles (a) Identify the key steps in this framework/ concept. (b) Briefly explain each of the key steps, in your own words. Ans: Thin
Types of Transaction - Related Party Fundamentally two types of transactions which arise between a related party and a company as: A. It is usual for members of a collectio
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