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Q. What do you understand by Yellow Book?
Yellow Book - Written by GENERAL ACCOUNTABILITY OFFICE, yellow book sets forth standards to be followed in auditing FINANCIAL STATEMENTS of entities which receive federal financial assistance. ‘Yellow Book' is the name given to ‘Government Auditing Standards' issued by Comptroller General of the United States that comprises standards for audits of government organizations, functions, activities andprograms and of government assistance received bynon-profit organizations, contractors and other nongovernment organizations.
how EDP audit is carried out
How do internal auditors add to the credibility of financial statements?
The core principles of financial internal control are explained here: accounting and financial operations can be separated and the main purpose is the handling of cash and the copy
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
only needs to be 2 - 3 pages and I need help with an audit plan is to look like
Forms of evidence a) Observation: is usually witnessing internal control and book-keeping procedures. It includes attendance at wages pay out. Observation of stock-take, open
Advocates - Specialized audit Situation The statutory provisions regulating the handling of client's monies are covered in the advocate's act. Reason of the rules:
Checking consolidation papers The auditor pays particular attention to the calculation of: Goodwill arising on acquisition and consolidation Pre-acquisition and post-
Audit Sampling ISA 530 Audit Sampling and Other Selective Testing Procedures states Audit sampling is the application of a compliance or substantive procedure to less than 100%
General phases of control evaluation are: Phase 1: Understand and document • Understand the client's internal control • Document the understanding of internal control o
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