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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
Valuation and Allocation - Audit Process As we saw assets are usually valued at cost or a valuation less a provision for usage or loss of value. We have to ensure therefore t
Accounting Principles and Policies The user of the accounts expects that the accounting principles and policies used will be in conformity with IAS, be generally accepted, be
Completeness of Liabilities In distortion, the directors tend to involve non-existent assets or keep out liabilities. Hence whereas along with assets we are especially concern
Explain The Difference Between Internal Audit And External Audit? Ans) The internal audit is performed to help the management. The weakness of the management is disclosed
Motor Vehicles - Audit Process Similar considerations govern the audit of motor vehicles as to those relating to machinery and plant. The simply matter of consideration now i
AUDIT RISK As we have seen many parties rely on the audit opinion to make decisions, and therefore it is now a well established fact that if the auditor gives an audit opinion
An audit helps stay track of where the currency or money is going and makes sure the money is going anywhere it is believed to and not in someone''s pocket. An audit may also help
Benefits of Internal Audit are following: It is in-expensive. No charted accounted is needed to audit internally. Faults will be removed before preparing financial stateme
Explain the independence between the auditor and the client on financial statement audit engagements
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