Dealings with directors and other parties, Auditing

Dealings with Directors and Other Parties - Sundry Debtors and Loans

Dealings along with directors and other related parties: The auditor's duties are follows as:

i. The review of all loans made to connected persons and directors outstanding at any time of the year. Materiality does not relate. All loans must be reviewed.

ii. Certificates of confirmation should be got from the directors concerned.

iii. Understand the board minutes to ensure such all advances are subject to appropriate board minutes.

iv. Ensure to compliance along with the law.

v. Full disclosure as needed should be made.

vi. Whether the directors fail to give all the relevant information in the accounts the auditor is needed to provide that information in his report.

Posted Date: 1/28/2013 12:37:41 AM | Location : United States







Related Discussions:- Dealings with directors and other parties, Assignment Help, Ask Question on Dealings with directors and other parties, Get Answer, Expert's Help, Dealings with directors and other parties Discussions

Write discussion on Dealings with directors and other parties
Your posts are moderated
Related Questions
Necessity of Transactions with Related Parties Transactions along with related parties are essential for several reasons: (a) Several financial scandals including related p

Pension Funds Pension funds are set up by companies or other organizations: (a) To administer the pension payable to retired employees and (b) Ensure that funds are available

Statistical sampling – Advantages a) It is scientific and defensible; b) It provides a precise mathematical statement about probabilities of being correct; c) It is efficie

Beneficial Ownership - Audit Process We have to examine documents of title as e.g. title motor vehicles, deeds and log books.  Whether there are no implied ownership can suffi

Your firm has recently been appointed auditors of the Social Transport Corporation and you are commencing the audit of the wages system. The Corporation has about 2500 employee

Incorporated Banks under Companies Act Banks are incorporated under the Companies Act like any other business but are granted special privileges under the same Companies Act a

Fraudulent financial reporting Involves intentional misstatements or errors of amounts or disclosures in financial statements to mislead financial statement users. Fraudulent f


The modern approach allows one audit of an auditable entity with one comprehensive report. One additional advantage is that this approach assists in staff development and retention

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