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Experts as a source of Audit Evidence
Mostly the auditor's work on evidence obtained from along within the entity supported through confirmations from third parties will provide him enough reliable evidence which can enable him to provide an unqualified opinion. However there are certain circumstances where his knowledge is not enough and he may see requirement to rely on the opinion of other experts to support him from his opinion.
The authoritative document on this subject on ISA 620: Using the work of an expert. Hence it defines an expert or a specialist such a firm possessing special skills or a person, experience and knowledge in a particular field other than auditing and accounting. The expert may be engaged through the client or through the auditor; he may be employed through the client or through auditor.
IAS 36 Impairment of Assets It is very necessary for the auditor to determine the client's method for determining and accounting for impairments. Corresponding IAS 36, 'impai
Responsibilities of the Auditor The Auditor has no duty for the prevention and recognition of fraud and error though the annual audit might act as a restraint. As explained
Advocates - Specialized audit Situation The statutory provisions regulating the handling of client's monies are covered in the advocate's act. Reason of the rules:
Sundry Debtors and Loans Sundry debtors and loans are not generally material assets of companies another than those companies whose business is to create loans. We shall cons
Taxation - Audit Process Companies suffer corporation tax. The Companies Act use that corporation tax payable on the profits of any specific year should be matched against tho
I have a auditing case study i need to complete in chapter 8 of Auditing & Assurance service (fifteenth edition) by Alvin A. Arens, Randal J. Elder and Mark S. Beasley. I don''t kn
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Common stock valuation 1. Features of common stock (You may review common stock learned from TCA 221) a. Residual claim on income and assets (after debt holders and preferre
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Sufficiency of audit evidence The audit evidence should in total enable the auditor to form an opinion on the financial statements. Sufficiency is a measurement of the quantity
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