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Procedures When Fraud is suspected
Whenever the auditor encounters situation that might indicate that there is a material mis-statement in the financial statements resultant from fraud or error, the auditor must perform processes to establish whether the financial statements are materially mis-stated.
Whenever the auditor recognizes a misstatement, the auditor must consider whether such a misstatement might be analytic of fraud and when there is such a sign, the auditor must consider the implications of the mis-statement in association to other features of the audit, mainly the consistency of management representations.
Verification Work - Audit Process At the same time the audit process will need verification work as an example: examination of costing records, allocation and verification of
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Dealings with Directors and Other Parties - Sundry Debtors and Loans Dealings along with directors and other related parties: The auditor's duties are follows as: i. The revi
Managements interest in the accounting system Management needs complete and accurate books of accounts because: There is no other way the business can be controlled; Rec
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Disclosure Requirements - Investment In common terms, the following items have to be disclosed in the concern to all investments: (a) The accounting policies about:-
Meaning of True in Auditing Meaning of 'true and fair'/present fairly' Truth in accounting is quite different form scientific truth. Accounting does without a deal along w
Capital allowances vs. Depreciation Whether the client can prove such they will keep the existing levels of investment in original terms, then there may be justification to ac
Assertions about account Assertions about account balances at the duration end: a) Existence -assets, equity and liabilities interests exist. b) Obligations and Ri
Audit Procedures - Intangible Assets The auditor's process as far as goodwill is relating would involve as: a) Vouching for details as per the buy agreement of the values
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