Existence - audit process, Auditing

Assignment Help:

Existence - Audit Process

In the case of tangible assets existence is confirmed through the auditor visually, considering the asset examining and concerned its condition.  This is essential in that visual evidence provides the auditor a good thought as to the reasonableness of the value attached to the asset.  Whether it is impossible to visually consider the asset concerned, so we have to seem for related evidence for example, whether a company claims to the suitable local authority to own land payment of rates is evidence which the plot of land exists.  For assets that cannot be actually examined, independent estimation from third parties would suffice.  We have to obtain into account cut off arrangements to make sure about existence is at the balance sheet date and not for any other time.


Related Discussions:- Existence - audit process

Important points about auditor - audit process, Important Points about Audi...

Important Points about Auditor - Audit Process The Points that should be noticed that: i. The auditor must forever date his audit report. This date should be as close as pr

Banks under companies act, Banks under Companies Act Banks are incorpor...

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 and subjected t

Proxy, if a proxy is voted as per his judgement other than member prescribe...

if a proxy is voted as per his judgement other than member prescribed to him... what is the action to be taken?

Banks, Banks The Authoritative documents are: The Central Bank of...

Banks The Authoritative documents are: The Central Bank of Kenya Act, The Companies Act Cap 486. IAS 30 Disclosure in the Financial statements of Banks and Similar

Auditors procedures - audit process, Auditors Procedures - Audit Process ...

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 inclu

The use of engagement letters, The Use of Engagement Letters There is a...

The Use of Engagement Letters There is a contractual relationship among an accountant and his client. The accountant must therefore make sure that at the time he decided to exe

Advantages, two advantages of an Audit to the shaire holders

two advantages of an Audit to the shaire holders

Skills and objectivity of expert, Skills and Objectivity of Expert T...

Skills and Objectivity of Expert The skills and competence of the expe rt Whether planning to require the work of an expert, so the auditor should assess the professiona

Auditing different from studying other accounting topics, 1. Why is studyin...

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

Internal control, Ask question #MA. Evaluate the strengths and weaknesses o...

Ask question #MA. Evaluate the strengths and weaknesses of preview Company''s control environment B. What factors in Preview company''s control environment have led to and facilit

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