The accounting system, Auditing

The Accounting System

ISA 400 Risk Assessment and Internal Control accounting system are the sequence of tasks and records of an entity by which transactions are procedure as a means of sustaining financial records. These systems specify, assemble, analyze, compute, categorize, record, sum up and report transactions and other events.

ISA 400 Risk Assessments and Internal Controls define that the auditor must acquire an understanding of the accounting and internal control systems enough to plan the audit and build up an effective audit approach. The auditor must use professional judgment to assess audit risk and to design audit processes to make sure it is decreased to an adequately low level.

The Companies Act Cap 486: places a duty upon the auditor in organizing his report to take out investigations which will allow him form an opinion on the financial statements in accordance with the seventh schedule to the Companies Act Cap 486

The purpose of the accounting system is to make sure that all transactions are entirely and precisely processed and recorded and that the resultant accounting entries are valid.

Posted Date: 12/3/2012 5:11:50 AM | Location : United States







Related Discussions:- The accounting system, Assignment Help, Ask Question on The accounting system, Get Answer, Expert's Help, The accounting system Discussions

Write discussion on The accounting system
Your posts are moderated
Related Questions
Trademarks and Patent Trademarks and then written off over their useful lives and patents may be capitalized along with any renewal fees being charged to revenue. Whether a tr

QUESTION: (a) The auditor should get relevant and reliable audit evidence sufficient to enable him to draw reasonable conclusions therefrom: (i) What do you understand by

procedures for verifying a fixed assets

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

Step 1: Determine learning objectives. Considering the importance of a course, its placement in a program of study, and its role in providing a base of knowledge to be built upon

Question: (a) What is an audit? Why there is need for an audit? (b) Explain the steps the auditor must take before deciding whether to accept the nomination as auditor. (

Party Disclosures used by IAS 24 IAS 24 utilized the following related party disclosures that 1. Nature of relationships between subsidiaries and parents, even whethe

I need help with my homework for medical billing and coding can you help?

Following three frameworks/ concepts are an integral part of the ‘world of auditing' which may be used by auditors throughout their audit engagements. (i) Overview of the audit

Examination of Deeds Make Sure that the mortgage is in the name shown in the advance records; That there is a document of title to the property within mortgage and that