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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.
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
Presentation and Disclosure - Audit of Accounting Estimates An enterprise should involve the following information relating to a discontinuing operation in its financial state
what is internal audit standardizes.
Providers of Funds A further point to note is that modern companies can be very large with multinational activities. Preparing accounts for such a group becomes a very complex
Irregularities: Irregularities can be explained as intentional distortions of financial statements for whatever reason and also as misappropriation of possessions whether or no
Explain appropriate audit procedures you would apply in verification of cheque payments.
Assertions about account Assertions about account balances at the duration end: a) Existence -assets, equity and liabilities interests exist. b) Obligations and Ri
Relevance of Audit Evidence The relevance of audit evidence has to be determining in relation to the overall objective of forming a reporting and opinion on the financial stat
Measures To Be Taken By the Individual Auditor Proper recruitment and training of all staff; Allocating staff to particular audits where they have the appropriate skills;
Share Capital - Audit Process Share capital is a special type of liability and when it has been issued during the year then verification procedures are as follows: 1. Confirm
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