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Share and deposits
Shares may consist of subscription shares and paid up shares. Interest on shares might be credited to the accounts rather than being paid to ensure proper control the following must be covered by the system:1) There should be proper custody of unused share and deposit pass book, receipt forms and share certificates;2) There should be proper instructions to the staff as to the making of entries in the pass books and the issue of receipts;3) Withdrawal terms, notice and specimen signatures;4) Authorization of withdrawals by the ledger department or against the pass books;5) Records of deaths, marriages, powers of attorney and transmission of shares and deposits;6) The comparison of the balance shown in the pass book with that shown in the ledger.
Recognize the Related Parties The auditor should review information provided through the management and directors recognize the names of all identified related parties and sho
History - True and Fair International Standards on Auditing (ISAs) make it quite clear that the terms 'true and fair' and 'present fairly' which are used in audit reports in m
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Selection of a Sample - Audit Process The following accounts must be involved in debtor's circularisation: 1) Large balances since they are large and the moreover you can sub
Beneficial Ownership or Title In January 1976 the famous case of Aluminium Industries vaassen B V v. Romalpa Aluminium Ltd radically altered the law along with regard to norma
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Summary of IAS 2 Inventories are measured at the lower of cost and net realizable value. Entire realizable price is the calculated selling price in the regular course of busin
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Necessity of Transactions with Related Parties Transactions along with related parties are essential for several reasons: (a) Several financial scandals including related p
Assertions about classes Assertions about classes of transactions and events for the period under audit : a) Occurrence -events and transactions which have been recorde
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