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Beneficial Ownership and Existence
Existence
Existence of buildings and Land is not hard to display. You may even be sitting in such building. Conversely, the auditor requires to be sure which the land and buildings which he is seeing are the genuine buildings and land referred to in the accounts. Therefore he may require evidence from a map of that area.
Beneficial Ownership
Title deeds would mostly be available for freehold land and they might be examined to ensure which they are validly in the name of the company. Land is often subject to mortgage so the auditor must be aware to ensure which charges are properly disclosed in the accounts. That charges should be recorded in the company's register also of charges. Title deeds have to be examined automatically on each audit. Whether is no title deed to a building hence beneficial ownership is implied, therefore such the building is on our land we paid for it, we occupy such building, , the title deed of the land is in our identification, it follows such the building is ours also.
list and explain four factors that influence the auditor''s judgement regarding the sufficiency if the evidence obtain
policy od collecting refernces
what is the role of audit trainee in managing the discrete assignment?
Action if Management Refuses to provide Representations Whether management rejects to provide a representation which the auditor considers compulsory, this constitutes a scope
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Firm valuation refers to the total value of a firm in the capital market. It is the stock price of a firm times its outstanding shares. Total value of a firm is also called market
The first work you do in IDEA IS SECTION 2.5. The accounts receivable folder that you are instructed to select on page 25 is a folder that you are to create previously on page 23.
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