Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Questionable Payments
In some countries, business is often gained by bribing ministers or public officials or officers of companies or firms with whom one wishes to do business. In reality bribery and corruption are a way of life in several business communities. This is the general area of questionable payments, which may include "commissions, generally based on the amount of business placed". Whenever an auditor determines such payments, he has to believe what course of action to take. In common, the following conduct by the auditor is suitable.
(1) He should satisfy himself that the payment is as stated and that he has been told the whole story;
(2) He should satisfy himself that the payments were genuinely made in furtherance of the client's business;
(3) He has to satisfy himself that all directors of the company were aware of the payment and its purposes;
(4) He has to obtain a letter of representation, signed by all the directors to confirm (c);
(5) If the client is a subsidiary, then he has to ensure that the holding company and the primary auditors are aware of the payment and;
(6) He has to consider whether disclosure is required. Generally disclosure is not essential since such payments are seldom material in the context of the company' accounts as an entire and usually a true and fair view is given without disclosure.
YvesLaurent has just been put in charge of the BeautyNatural Inc. audit.BeautyNatural is a small, but growing retail chain of natural cosmetics stores. BeautyNatural needs to borro
Audit Function The audit functions as follows as: 1. To verify the estimation of timing differences; 2. To ensure such permanent differences have not been got into accou
Accounting Principles - Intangible Assets IFRS 3 prescribes the financial reporting through an entity whenever it undertakes a business combination. A business combination is
Cash and Window Dressing - Building Society Cash Possibility of misappropriation and error usually accompany the handling of cash. Building societies transactions towards
Management Representations as a Source of Audit Evidence International Standard on Auditing as abbreviated ISA 580 Management Representations gives guidance and standards on t
What is audit planning
Indications of inapplicability of Going Concern Unfortunately, Insolvency is a development industry as the economy suffers a down turn and consequently for a majority of enter
what a group auditing and holding campanies in details with exmple propurly
OBJECTIVES To apply certain steps in the audit planning process, with emphasis on risk identification and audit response (strategy) thereto. To provide you with the exp
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
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd