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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.
Action if Management Refuses to Provide Representations If management refuses to provide a representation that the auditor considers essential, this constitutes a scope restric
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Method of corrercting evidence?
Assertions about disclosure Assertions about disclosure and presentation : a) Rights and Occurrence and obligations -disclosed transactions and events and other issues
Verification Work - Audit Process At the same time the audit process will need verification work as an example: examination of costing records, allocation and verification of
Basic Elements of a Management Representation Letter Whenever requesting a management representation letter, such the auditor would request which it be addressed to the audi
This charter defines the mission, independence and objectivity, scope and responsibilities, authority, accountability and standards of the Internal Audit function. A charter i
IAS 37 Provisions, Contingent Assets and Contingent Liabilities IAS 37 was mattered in order to deal along with the subjective area of provision and to prevent the requiremen
what is the role of audit trainee in managing the discrete assignment?
Q. Walkthroughs for auditor? Walkthroughs provide the auditor with evidence to: 1. Confirm auditor's understanding of the process flow of transactions. 2. Confirm auditor
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