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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.
Distinguish between early and modern audits
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
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impact on audit report of going concern
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Auditors Procedures After Stock Taking It is particularly a follow up exercise and it includes: 1) Checking the cut off along with the details of last numbers of stock move
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