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Specialized Audit Situations
Companies carry on thousands of different types of trade, business or professional activities. It is not possible in a manual on general auditing procedures to consider the special audit problems of each of them. In US therefore, when we are talking of specialised audit situations, we would be talking about the financial sector, including institutions such as banks, financial institutions, building societies, insurance companies, hire purchase companies. We are also concerned with charitable organisations, non-profit making organisations, lawyer's practices and public entities such as cooperative societies, parastatals and local government authorities.
an example of evidence that an auditor would use by illustrating the audit trail of stock purchases
An audit helps stay track of where the currency or money is going and makes sure the money is going anywhere it is believed to and not in someone''s pocket. An audit may also help
impact on audit report of going concern
Examples of Specialists Examples of specialists or experts whose work may be relied upon include: For valuations such as land and buildings, machinery and plant,
Insurance Companies Authoritative documents involved as: The Insurance Act The Companies Act IFRS 4 Insurance Contracts The major legislation governing insu
Deposits and Share - Building Society Shares may make of subscription shares and paid up shares. Interest on shares might be credited to ensure specific control to the account
Matters of Audit Process Another matter to be covered as: 1. Accounting policies: these should be uniform all over the group and should be properly disclosed. 2. Consoli
Assessment tasks: This assignment requires you to revisit the case of the collapse of US energy giant Enron Ltd. Your revisit starts with a reading of the excerpts from memos
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
A municipal village or a nonprofit organization solicits bids for the annual audit from local audit firms, and the firm with the lowest bid is selected. Answer the following que
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