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
(a) State the FIVE threats contained within Auditor's Code of Ethics and Conduct and for each threat list ONE example of a circumstance that may create the threat. (b) You a

i need an assignment for auditing with word count of 1750

Factors Affecting and Controlling Occupational Health (i) Walking-Working Surface Workers must work or move on different surfaces while working. Such - surfaces are cha

Presentation and Disclosure - Audit Process Specific presentation involves presentation in accordance along with the suitable IFRS/IAS or International Accounting Standards.

Case Study: Hide-It (HI), a family-owned business based in Tombstone, Arizona builds custom homes with special features, such as hidden rooms and hidden wall safes. Hide-It has

Goodwill and Fair Value The main points the auditor needs to verify for any goodwill arising in the accounting period are as follows: (i) Examine the procedure used to find

Records kept by AUDITOR of procedures applied, tests performed, the information obtained and pertinent conclusions reached in the course of the AUDIT. (2) Any records developed by

The Need for an Audit If you take an example of a modern large liability company, we can clearly distinguish between the providers of funds and those who control those funds. The

IAS 20 Accounting for Government Grants and Disclosures IAS 20 Accounting for government grants and disclosures of government assistance The auditor needs to verify the

INDEPENDENT AUDITORS' REPORT Board of Directors Los Angeles County Fair Association Pomona, California We have audited the accompanying consolidated statements of financial posi