Auditors procedures - disclosure and presentation, Auditing

Auditors Procedures - Disclosure and Presentation

1) Ascertain that what steps the client uses to identify suppliers, selling on terms that reserve title by enquiry of those causes for purchasing and of the board.

2) Ascertain that what steps are considered to quantify the liability to that suppliers for balance sheet purposes, involving liabilities not so far reflected in the creditor's ledger.

3) Wherever there are material liabilities to those suppliers:

  • Whether the liabilities are quantified in the accounts, review and test the procedures through that the amounts disclosed have been computed.
  • Whether the directors consider such quantification is impracticable since have either calculated the liabilities or showed their existence test and review the information upon that their disclosure is based.
  • Consider the adequacy of the information disclosed in such accounts.
  • Ensure about the basis on that the charge for taxation is computed takes account of the accounting treatment adopted and wherever essential is adequately disclosed.

 

4) Wherever liabilities to those suppliers are said not to exist or to be immaterial, test and review the terms of sale of most important suppliers to confirm about this is so.

5) Collect formal written representation from the directors either such the information disclosed is in their view or that there are no material liabilities of this nature to be disclosed as accurate as it is reasonably probable to achieve.

Ownership or title to stocks previous the advent of the Romalpa case was implied in such whether we ordered the goods, have set up a liability for them or have paid for them, have acknowledged them, they are in our possession, we are employing them for trading, nobody is laying claim to them, then they are ours.  The student should noted such Romalpa sales do not cover goods sold on sale or return or goods sold on consignment wherever a sale will just be made on fulfilment of some agreed event that as the resale of the goods through the consignee.

Posted Date: 1/28/2013 12:00:23 AM | Location : United States







Related Discussions:- Auditors procedures - disclosure and presentation, Assignment Help, Ask Question on Auditors procedures - disclosure and presentation, Get Answer, Expert's Help, Auditors procedures - disclosure and presentation Discussions

Write discussion on Auditors procedures - disclosure and presentation
Your posts are moderated
Related Questions
how do internal controls affect or improve the goals of a bussiness firm

advantage and disadvantage of joint auditor?

Ask question #Mini mum 100 words acMr. Howe, a Junior Partner of the CPA firm Dewey, Cheatem, & Howe (DCH), after noting that there is a proposal to limit Auditor liability is ver


Using the 30 September 2011 trial balance (appendix to this case study) calculate planning materiality and include the justification for the basis that you have used for your calcu

Financial Statements Rely All Financial providers people must be sure that the financial statements can be relied upon. It should be noted that: 1. The auditor himself must be

Role of Accountant The Accountant's Role Every year a lawyer who such handles client's money is used to created to the Law Society of US a report through a qualified accoun

Tangible Non Current Assets The verification approach is fundamentally similar in each of these.  Extensive disclosure is utilized in most countries and IAS 16 Property Equipm

An audit team is currently engaged in planning the audit of the financial statements of E Limited as at 30 June 2011. This was the first accounting period during which all the tran

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