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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 you
Valuation of Debtors Debtors are valued simple like other assets at the lower of cost and total realisable value. Valuation of debtors is actually a consideration of where the
Auditor's Procedures - Going Concern In forming a thought on the going to relate position of a company, the auditors have to: a) Examine the company, its plans for the futu
Q. If Kiner Company issues 3,000 shares of $5 par value common stock for $70,000, the account a. Paid-in Capital in Excess of Par Value will be credited for $15,000. b. Common Stoc
Step 1: Determine learning objectives. Considering the importance of a course, its placement in a program of study, and its role in providing a base of knowledge to be built upon
Fraudulent financial reporting Involves intentional misstatements or errors of amounts or disclosures in financial statements to mislead financial statement users. Fraudulent f
Examples of Specialists Examples of specialists or experts whose work may be relied upon include: For valuations such as land and buildings, machinery and plant,
Procedures When Fraud is suspected Whenever the auditor encounters situation that might indicate that there is a material mis-statement in the financial statements resultant fr
ILLEGAL ACTS Auditors may uncover criminal offences committed by a client or an employee of the client. This puts them in a difficult place, though the auditor must act careful
Why is studying Auditing different from studying other accounting topics?
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