Qualities for final accounts, Auditing

Qualities for Final Accounts

The qualities needed of the final accounts: the final accounts must possess specified qualities and these are:

a) Utilize of acceptable accounting policies, consistently applied and suitable to the business;

b) They must display the results of operations in the loss and profit account, state of affairs in the balance sheet, changes in such financial position in the statement of basis and application of funds and all other information involved in the financial statement should be compatible along with each other and along with the auditor's knowledge of the enterprise;

c) All suitable matters should be adequately disclosed and information enclosed in the accounts should be suitably presented and classified;

d) There must be compliance along with statutory requirements;

e) There must be compliance along with other relevant regulations;

f) There must be compliance along with US Accounting Standards.

The final review may reveal as:

a) All is fine or

b) Further audit evidence is compulsory i n several areas or

c) That it may be desirable to create amendments to the accounts and

d) That a qualified report may be compulsory.

The review stage is very significant in modern auditing as recent auditing opinion is moving more towards a consideration of the view provided to users through financial statements. The detail is now important however the view given must be accurate in detail and fair in entirety.

Posted Date: 1/28/2013 1:54:39 AM | Location : United States







Related Discussions:- Qualities for final accounts, Assignment Help, Ask Question on Qualities for final accounts, Get Answer, Expert's Help, Qualities for final accounts Discussions

Write discussion on Qualities for final accounts
Your posts are moderated
Related Questions
Factors Affecting Statistical Technique Factors to be taken into concern before adopting statistical techniques as: a) The number of clients to whom it is appropriate since

Conformity and Conservatism - External Auditor Report Conformity Although the user of the accounts expects the accounts to conform to general accepted accounting princi

auditor is a watch dog not a blood hound

Financial Institutions and Banks - Audit Situations Financial Institutions Because of the recent collapse of many financial institutions, this is still a heavily regu

Audit of Partnerships The audit of a partnership is not normally required by statute and so the auditor must agree with the client what his rights and duties are going to be. T

Liability to third parties For long time liability to third parties existed only in respect to physical damage. Liability for financial loss is a current development.  Illustra

Authoritative Document is IAS 17 Leases The suitable technique of amortization or depreciation to require in the case of leasehold property and freehold buildings is straight-

Accounting Requirements - IAS 40 Investment Properties IAS 40 prescribes the accounting treatment about investment property and related disclosure necessities.  Investment

Kevin Black, the sole owner of a small bakery, has been told that the business should have financial statements reported on by an independent auditor. Kevin Black, having some b

project report on absorption of overhead and its different method