Auditors procedures - audit process, Auditing

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.
Posted Date: 1/28/2013 2:23:30 AM | Location : United States







Related Discussions:- Auditors procedures - audit process, Assignment Help, Ask Question on Auditors procedures - audit process, Get Answer, Expert's Help, Auditors procedures - audit process Discussions

Write discussion on Auditors procedures - audit process
Your posts are moderated
Related Questions
Amounts Derived From Financial Statements Please note here the auditor is interested in preceding year's evidence since 1. The Companies Act states such corresponding amounts

Q. Explain the Single Audit Act? Single Audit Act - Single Audit Act of 1984 and Single Audit Act Amendments of 1996 establish requirements for audits of states, non-profit org

Beneficial Ownership or Title In January 1976 the famous case of Aluminium Industries vaassen B V v. Romalpa Aluminium Ltd radically altered the law along with regard to norma

i have assignment question

Standard Defines Development and Research The standard defines development and research as follows: (a) Research - planned and original investigation undertaken along with

With reference to the case study business, identify appropriate audit tests to be carried out. Prepare a statement of the work to be carried out and the manner in which it will be

1. Why is studying Auditing different from studying other accounting topics? 2. How might understanding auditing concepts prove useful for consultants, business managers, and other

Presentation and Disclosure - Audit Process Specific presentation involves presentation in accordance along with the suitable IFRS/IAS or International Accounting Standards.

Verification Procedures - Long-Term Liabilities a) Received a schedule detailing the sums due at the starting of the year, redemptions and additions and the sum due at the yea

discuss the verification procedure of current assets and long term liabilties