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What are Objectives Of Internal Audit?
Ans) The purpose of internal audit is to remain proper control over business activities. When there is proper control there is maximum efficiency. The internal auditor explains the degrees of control over work. The purpose of internal audit is to calculate the accounting system. It is concerned with checking proper authority for transactions like purchase, retirement and disposal of fixed assets. The vouchers can be compared with entries in order to verify that figures are facts.
Pension Funds - Specialized Audit Situation Pension funds are set up through companies or another organization: (a) To retired employees to administer the pension payable
Financial Institutions and Banks - Audit Situations Financial Institutions Because of the recent collapse of many financial institutions, this is still a heavily regu
Irregularities: Irregularities can be explained as intentional distortions of financial statements for whatever reason and also as misappropriation of possessions whether or no
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
Prepayments - Audit Process Prepayments similar to accruals are not mostly checked through the double entry system. This creates them susceptible to mistake. The auditor's pro
Recognize the Related Parties The auditor should review information provided through the management and directors recognize the names of all identified related parties and sho
Fortex Limited, the meat processing firm, was formed in 1985 from three smaller companies. In 1993, however, after a few years of spectacular growth, the company collapsed. a)
Advantages of Fixed Assets Register There are several advantages if the register properly maintained: a) There is an independent record of all fixed assets showing particul
Internal Audit has been asked by the State to review the activities of The Commission on Workforce Development
IAS 12 Income Taxes 1AS 12 needs a deferred tax liability should be well known for all taxable temporary difference with minor exceptions as goodwill that is not allowable for
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