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Benefits of Internal Audit are following:
It is in-expensive.
No charted accounted is needed to audit internally.
Faults will be removed before preparing financial statements.
There will not be any type of embarrassment in the society due to errors have been removed.
Accounting staff will remain in pressure so record will remain update every time in the company.
Drawbacks:
Internal audit is not acceptable by the shareholder.
There can be errors in internal audit because he is not an auditor and there are some more.
Types of audits As far we have tended to think in state of the audit of limited companies, and certainly, the emphasis during this text will be on that companies incorporated
Long Term Contracts - Audit Process The authoritative document with reference to long term contracts is IAS 11: Construction Contracts and IAS 18: Revenue Recognition, and ISA
How would you value the Goodwill
Contingencies and Provisions (i) Receive the client's schedule of provisions and seek and contingencies supporting documentation in the form of legal opinions, correspondence
oversee commission staff to ensure individuals are properly trained and monitored probable risks, controls and audit tests
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
Part A: What are the five inter-related components of internal control? Briefly discuss them. Part B: A file maintained by the Accounts Department for one of Sharp's s
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Question: Part A (i) Describe audit sampling. Why do auditors sample instead of examining every transaction? (ii) List the four factors that enter into the sample size
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