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Verification Procedures - Investment
Verification actions should follow the common approach outlined in favor of tangible noncurrent assets. Conversely the following particular points should be noted.
Additional Consideration - ISA 501 Audit Evidence for individual Items states such audit actions relating to long term investments simply involve considering evidence as to where the entity has the capability to continue to hold the investments on a long term basis, the matter discussing along with management and obtaining written representations to such effect.
Current Audit File The current audit file may involve inter alia: a) A copy of the audited financial statements and other report prepared such as a conclusion of audit work
Limitation of Audit Evidence The quantity and quality of evidence is constrained through the following factors as: Absolute proof is not possible; Some assert
Problem : As per the Field Standard (INTOSAI), competent, relevant and reasonable evidence should be obtained to support the auditor judgement and conclusions regarding the org
What are the engagement procedures of auditing
The Accounting System ISA 400 Risk Assessment and Internal Control accounting system are the sequence of tasks and records of an entity by which transactions are procedure as a
Skills and Objectivity of Expert The skills and competence of the expe rt Whether planning to require the work of an expert, so the auditor should assess the professiona
Communications to Regulatory and Enforcement Authorities The auditor’s professional responsibility to sustain the confidentiality of client information ordinarily prevents repo
Benefits of Internal Audit are following: It is in-expensive. No charted accounted is needed to audit internally. Faults will be removed before preparing financial stateme
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
Irregularities: Irregularities can be explained as intentional distortions of financial statements for whatever reason and also as misappropriation of possessions whether or no
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