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Advantages and Disadvantages of Joint Audits
The general disadvantages and advantages of joint audits as:Advantages1. All fees and work are welcome to audit firms.2. An occasion to closely examine the auditing methods of other firm.3. The other firm may have extraordinary expertise that might fit well in a joint business.4. The other firm may have geographical place possibilities that complement.5. The other firm may be of that a size such a client company can be serviced that may otherwise be beyond obtainable resources.6. Flexibility of working arrangements along with another firm may avert bottlenecks owing to staff shortage on peak times.Disadvantagesi. Shared legal responsibility. Liability for co-auditor's negligence.ii. Lack of control. Another firm may have dissimilar audit standards that may be unsatisfactory.iii. Any shared work or task may lead to personality clashes.
Companies Modes of Operation Some companies (especially small ones) operate without any overtly expressed plan and simply carry out the business as always, responding to market
what is internal audit standardizes.
Audit Approach The auditor: 1) Must get the cooperation of the client, as simply the client can authorise third parties that communicate along with the auditor. 2) Choos
Selection of a Sample - Audit Process The following accounts must be involved in debtor's circularisation: 1) Large balances since they are large and the moreover you can sub
information included in current file in auditing
Existence of Debtors - Audit Process The easiest technique to establish the existence of a debtor is to enquire the debtor if he exists. This is done through use of a practice
The Concept of Audit Evidence Auditing is an evidence gathering exercise. It is an exercise carried out to confirm the assertions made by the management in carrying out the man
How do internal auditors add to the credibility of financial statements?
State four factors considered determining sufficiency of audit evidence
what is the effect of fraud and error on the financial statement.please I want simple answer
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