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(a) In order to draw reasonable conclusions, an auditor is required to identify and use audit procedures to gather audit evidence. You are required to identify and explain, five different types of each:-
(i) Audit procedures
(ii) Audit evidence
(b) Summarise the type of evidence that an auditor would collect in respect of the following item in a company client's balance sheet:
"Land and Building" of Rs 2, 000,000/-
Advantages and Disadvantages of Joint Audits The general disadvantages and advantages of joint audits as: Advantages 1. All fees and work are welcome to audit firms. 2. A
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
Banks Features (a) Profit and loss account: When looking at a bank's profit and loss account the accountant should seek to discover what proportions of the bank's profits
Seek Out Transactions with Related Parties Within the course of the audit, the auditor carries out process that may identify the existence of transactions along with related
Relevance The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contained in the financial sta
Statistical sampling - Advantages A. It is defensible and scientific; B. It gives a precise mathematical statement for probabilities of to be correct; C. It is efficien
Tangible Non Current Assets The verification approach is fundamentally similar in each of these. Extensive disclosure is utilized in most countries and IAS 16 Property Equipm
Reporting to the members Except the faults and irregularities outcome in the accounts not giving an accurate and fair view, or do not conform to statute, or appropriate books h
main areas contained in a private audit
Charities and Non Governmental Organizations Key audit areas: Income: donations therefore are not easy to confirm good internal control is needed particularly o
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