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Reserves - Audit Process
Movements in reserves need disclosure in the balance sheet, the loss and profit account, the director's reports or in the notices to the accounts. The auditors must certify proper authorization has been provided for these movements and they must vouch the recording of this movement. The auditors must certify that material amounts of reserves are categorisation under suitable headings. The capital redemption reserve fund and the share premium account need separate recognition and the aggregate amount should be shown also. Provisions must be reviewed to certify that they did not contain secret reserves.
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what difference between risk assessment procedure and substantive procedures? could you please provide some examples on each procedure?
Principles of Auditors Procedures i. The financial statements should be prepared on the source of conditions existing on the balance sheet date. ii. The material post balance
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oversee commission staff to ensure individuals are properly trained and monitored probable risks, controls and audit tests
The core principles of financial internal control are explained here: accounting and financial operations can be separated and the main purpose is the handling of cash and the copy
Plz assist me with these questions The auditors for Weston University are conducting their audit for the fiscal year ended December 31, 2011. Specifically, the audit firm is now
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(i) Overview of the audit process (a) Identify the key steps in this framework/ concept. (b) Briefly explain each of the key steps, in your own words. (ii) Framework of cr
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