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Audit of Group Accounts
The main problems can be split into three sections in this area as:
1. The audit of the holding company confirming and obtaining information concerning subsidiaries
2. Examination consolidation working papers as well as
3. Replacing reliance on the work of another auditors
The audits of the accounts of a holding company follow the same lines as any company audit. Nonetheless, consideration specially has to be provided to the dealings along with and presentation of investments in subsidiary companies.
Existence of Debtors - Audit Process The easiest technique to establish the existence of a debtor is to enquire the debtor if he exists. This is done through use of a practice
Non-Adjusting Events - Audit Process Non-adjusting events are those that are indicative of conditions such arose than the balance sheet date as a decline in the market price o
Communication with the expert If the auditor intends to use the work of an expert then he must communicate with the expert well in advance to confirm the terms of engagement an
Advantages and Disadvantages of Joint Audits The general disadvantages and advantages of joint audits as: Advantages 1. All fees and work are welcome to audit firms. 2. A
expalining the meaning of audit test data
what is internal audit standardizes.
In order for auditor to perform audit as per GAAS, only programming independence is required from the audit client. Ans: Yes I agree with the statement as: Programming independe
Procedures in Evaluating the Work of Expert The auditor must get reasonable assurance which the expert's work constitutes suitable audit evidence in based of the financial inf
Buyers - Disclosure and Presentation This case (case of Aluminium Industries vaassen B V v. Romalpa Aluminium Ltd) are simply relevant whether creditors involve a material amo
main areas contained in a private audit
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