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
Audit Procedures - Intangible Assets The auditor's process as far as goodwill is relating would involve as: a) Vouching for details as per the buy agreement of the values

Conformity and Conservatism - External Auditor Report Conformity Although the user of the accounts expects the accounts to conform to general accepted accounting princi

Meaning of the auditing definition a) Orderly and efficient manner: An organization which is run in an orderly and proficient manner is able to satisfy the requirements o

Questionable Payments In some countries, business is often gained by bribing ministers or public officials or officers of companies or firms with whom one wishes to do business

Auditing appears to be a worse of time considering financial fraud cases in Zimbabwe and world over. Justify the existence of the audit profession and what to be done to improve it

It is a compulsory audit Completed by a CA. Finance Audit conduct by the CA to compliance the legal requirements of monitory issues.

With reference to the case study business, identify appropriate audit tests to be carried out. Prepare a statement of the work to be carried out and the manner in which it will be

Presentation and Disclosure - Audit of Accounting Estimates An enterprise should involve the following information relating to a discontinuing operation in its financial state

Cost and Authorization - Detailed audit of stock Cost A favor of the auditor this is restricted generally to determining the technique adopted through the organization

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