Auditors procedures - audit process, Auditing

Assignment Help:

Auditors Procedures - Audit Process

The relevant authority on post balance sheet events is ISA. The preparation of loss and profit account and balance sheet will forever include the consideration of events that have or will happen after the balance sheet date. The purpose being there are numerous dealings in progress at the balance sheet date which outcome is uncertain and so further events subsequent to the balance sheet date such have happened or are expected to occur require to be examined to determine the suitable values of liabilities and assets. Examples abound like the collectability of debts, the total realisable value of old stocks, the conclusion of litigation. Even the value of fixed assets is a function, of their expected future needful life.

Because the directors in preparing the accounts will invariably require post balance sheet events, the auditor must receive evidence such all post balance sheet events have been considered and where suitable utilized and balance sheet values accurately incorporate post balance sheet events.

  • The questions that arise are related along with what subsequent events should be occupied into account and how then they should be treated in the accounts.

Related Discussions:- Auditors procedures - audit process

Seek out transactions with related parties, Seek Out Transactions with Rela...

Seek Out Transactions with Related Parties  Within the course of the audit, the auditor carries out process that may identify the existence of transactions along with related

Analyses of audit effort, Develop a list of tasks the auditor should perfor...

Develop a list of tasks the auditor should perform in planning this audit engagement, before any audit testing begins. Ans: It is in the interest of both client and auditor t

Auditing, YvesLaurent has just been put in charge of the BeautyNatural Inc....

YvesLaurent has just been put in charge of the BeautyNatural Inc. audit.BeautyNatural is a small, but growing retail chain of natural cosmetics stores. BeautyNatural needs to borro

The independence between the auditor and the client, Explain the independen...

Explain the independence between the auditor and the client on financial statement audit engagements

ACL PROGRAME, I have some questions in ACL PROGRAME . IF YOU CAN HELP ME

I have some questions in ACL PROGRAME . IF YOU CAN HELP ME

Determine the audit methodologies to conduct an audit, You are the external...

You are the external auditor of Apex tour Ltd, a company which promotes New Zealand tours to Australia and owns chain duty free shops. You have been auditing the company since it w

Responsibilities of the auditor, Responsibilities of the Auditor The Au...

Responsibilities of the Auditor The Auditor has no duty for the prevention and recognition of fraud and error though the annual audit might act as a restraint. As explained

Importance of related party transactions, Importance of Related Party Trans...

Importance of Related Party Transactions Whenever the existence of about transactions and parties among such parties are considered ordinary features of business, the auditor

Audit planning, What document usually forms the basis of the audit team bri...

What document usually forms the basis of the audit team briefing?

Value for money audits in the public sector, Problem 1: You have been a...

Problem 1: You have been asked to design a system of controls so as to prevent unauthorized payments being made from the bank account. You are required to identify the controls

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd