Need for an audit, Auditing

Need for an Audit

Whether you take an example for a modern large liability company, such we can clearly differentiate between those who control those funds the providers of funds.  The providers of funds are other third parties and the shareholders or creditors who have given loans to the company.  Those charged along with the task of controlling those funds are mostly called as management and directors.  We can also clearly see which the company has resources, and claims assets against those resources, capital and Liabilities.

A report of the directors in the form of accounts lacks credibility characterize as:

  • It may include errors;
  • It may fail to disclose frauds;
  • It could be misleading inadvertently;
  • It could be misleading deliberately;
  • It may fail to disclose all relevant information.

 

Posted Date: 1/24/2013 6:52:09 AM | Location : United States







Related Discussions:- Need for an audit, Assignment Help, Ask Question on Need for an audit, Get Answer, Expert's Help, Need for an audit Discussions

Write discussion on Need for an audit
Your posts are moderated
Related Questions
Co-operative Societies and Parastatals Co-operative Societies An audit in this case is carried out as a general audit except you should notice that the auditor is appoi

postage stamps 220 currency and coins 1156.60 how much petty cash fund shall be shown as part of cash balance

Permanent Audit File The permanent audit file might include, inter alia: a) A copy of the enterprise's statutes and other legal or statutory documents governing the enterpri

Valuation - Detailed Audit of Stock IAS 2 prescribes such stock be priced at the lower of price and net realizable price, It is up to the auditor to ensure that net realizable

Co-operative Societies An audit in this case is carried out as a normal audit except you should note that the auditor is appointed by the Commissioner of Co-operatives and alth

describe possible factors in the auditor-client relationship that can make it more difficult for the auditor to detect fruad

Question : (a) Describe the following terms: 1) Forensic Accounting; 2) Forensic Investigation; 3) Forensic Auditing. (b) Explain the basic elements to consider for

Long-Term Liabilities Long-term liabilities are generally evidenced through an agreement called a debenture. For this purpose, long-term loans are often called debentures. The

It is a compulsory audit Completed by a CA. Finance Audit conduct by the CA to compliance the legal requirements of monitory issues.

Audit of Holding Companies and Group Accounts Authoritative documents are as: The Companies Act Cap 486 IAS 27 IAS 28 IAS 31 IFRS 3 ISA 600 r