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Accounting Principles and Policies
The user of the accounts expects that the accounting principles and policies used will be in conformity with IAS, be generally accepted, be widely recognized and supported and be appropriate and applicable in the particular circumstances. This is crucial for the auditor to obtain evidence which the accounting policies required are appropriate in the circumstances, so not only acceptable.
Substance over Form
Transaction should show the commercial reality rather than the legal form. Therefore these would use which the accounts should display to all the liabilities assets of the organization even if lawfully the liabilities or assets do not relate to the organization.
Presentation and Disclosure
The overall result and final position can only be appreciated by aggregating transactions and balances into suitable classes and categories. The description provided to these categories and classes must show their own true nature.
Materiality
An item is material if its disclosure or non-disclosure would make any difference to the view received by the user of the accounts. Therefore fairness is a function of materiality. Along with trivialities, the accounts must not be cluttered or along with statements or along with amounts which are insignificant to the overall view given through the accounts. The auditor has to remains the concept of materiality in mind at all times.
a) Would King & Queen be liable to EFL? Provide specific case references to support your answer.
Assertions about classes Assertions about classes of transactions and events for the period under audit : a) Occurrence -events and transactions which have been recorde
Qualities for Final Accounts The qualities needed of the final accounts: the final accounts must possess specified qualities and these are: a) Utilize of acceptable account
Limitation of Audit Evidence The quantity and quality of evidence is constrained through the following factors as: Absolute proof is not possible; Some assert
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Question 1: Auditing standards regulate the audit profession. a) Explain the importance and role of audit standards. b) Lists four of the standards issued by the INTOSAI
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