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Reporting to the members
Except the faults and irregularities outcome in the accounts not giving an accurate and fair view, or do not conform to statute, or appropriate books have not been kept, then there is no requirement to report. To the top management: when the auditor suspects that management are included in irregularities, then he must report to the main board or to the audit committee. To management: all real or potential irregularities must be reported with recommendations for changes. To third parties: the auditor must take legal suggestion or advice from his professional body to make sure the accounts provide a true and fair view, though only disclose those matters where he has an obvious public responsibility to disclose for illustration, when a serious crime has been committed.
an example of evidence that an auditor would use by illustrating the audit trail of stock purchases
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 fu
Initial Identification - Intangible Asset Subsequent to initial identification, an intangible asset is carried at: a) Cost, less any accumulated amortization and any accumu
audit procedures in business combination conserning Goodwill
? Decide what areas of the company will be audited and the frequency of the audits. Prepare a yearly audit schedule and distribute. ? Make an audit plan. Decide what other audit r
information included in current file in auditing
What are the engagement procedures of auditing
Pension Funds Pension funds are set up by companies or other organizations: (a) To administer the pension payable to retired employees and (b) Ensure that funds are available
Problem 1: You have been asked to design a system of controls so as to prevent unauthorized payments being made from the bank account. You are required to identify the controls
Develop a list of tasks the auditor should perform in planning this audit engagement, before any audit testing begins. Ans: It is in the interest of both client and auditor t
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