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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:
Problem: "If the auditor wishes to place reliance on internal control,he should ascertain and evaluate those controls and perform compliance tests on their operation" (a) De
Forms of Evidence Observation , is mostly witnessing internal book-keeping procedures and system control. It involves attendance at wages pay out. Observation of stock-ta
what factors of stoc verification
Initial Identification - Intangible Asset Subsequent to initial identification, an intangible asset is carried at: a) Cost, less any accumulated amortization and any accumu
The agency relationship between absentee owners and managers produce a natural conflict of interest.what does it mean?
Auditor's Procedures - Going Concern In forming a thought on the going to relate position of a company, the auditors have to: a) Examine the company, its plans for the futu
Incorporated 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 a
Problem: (a) Your client has sought your advise on the procedures to be adopted for carrying out the stocktaking which is based on a year-end count. You are required to prepa
what are the things we need to check in statutory audit of bank?
Non-statutory Audits The non-statutory audits are performed through independent auditors sicne the owners, proprietors, trustees, members and governing and professional bodie
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