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Q. Walkthroughs for auditor?
Walkthroughs provide the auditor with evidence to:
1. Confirm auditor's understanding of the process flow of transactions.
2. Confirm auditor's understanding of the design of controls identified for all five components of internal control over financial reporting, including those related to detection or prevention of fraud.
3. Confirm that auditor's understanding of the process is complete by determining whether all points in the process at that misstatements related to every relevant financial statement assertion that could occur have been identified.
4. Evaluate effectiveness of design of controls.
5. Confirm whether controls have been placed in operation.
under what circumstances are internal controls inappropriate for auditors to check?
IAS 20 Accounting for Government Grants and Disclosures IAS 20 Accounting for government grants and disclosures of government assistance The auditor needs to verify the
Existence - Plant and Machinery However this should generally be checked through physical inspection, so a problem arises. Items of machinery and plant can be numerous mobile
during the preliminary stage of an audit, an auditor most likely would not do the following
Going Concern Considerations - Audit Process IAS 1 Presentation of Financial Statements knows the going related assumption as one of the fundamental assumptions that underlie
Contingencies and Provisions (i) Receive the client's schedule of provisions and seek and contingencies supporting documentation in the form of legal opinions, correspondence
the features of statistical sampling
Question: (a) What is an audit? Why there is need for an audit? (b) Explain the steps the auditor must take before deciding whether to accept the nomination as auditor. (
Reliance on the Work of Other Auditors The principal auditor or the primary auditor is solely responsible for the holding company's accounts. So here it is inevitable but that
advantage and disadvantage of joint auditor?
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