Advocates - specialized audit situation, Auditing

Assignment Help:

Advocates - Specialized audit Situation

The statutory provisions regulating the handling of client's monies are covered in the advocate's act.

Reason of the rules:

  1. To need a lawyer to remain client's money separate from his own money;
  2. To certain about that a lawyer remains adequate records of his transactions because his books show money obtained and paid and balance held on account of each client;
  3. To make sure that one client's money is clearly differentiate from that of another clients and from any another money passing with the lawyer's accounts.

Broad effects of the rules:

  1. That money received through a lawyer that does not belong to him should be dealt along with the client account;
  2. That his own money is remained in an office account.

Related Discussions:- Advocates - specialized audit situation

Pension funds, Pension Funds Pension funds are set up by companies or o...

Pension Funds Pension funds are set up by companies or other organizations: (a) To administer the pension payable to retired employees and (b) Ensure that funds are available

Involve people in audit, How to involve people in audit? Ans) Use audits...

How to involve people in audit? Ans) Use audits as opportunities to train others. Ask for a volunteer (who is not an auditor) to walk by the audit process with you as an assista

Verification procedures - investment, Verification Procedures - Investment ...

Verification Procedures - Investment Verification actions should follow the common approach outlined in favor of tangible noncurrent assets. Conversely the following particula

Evaluation, Evaluation and Disposition of Misstatements, and the Effect on ...

Evaluation and Disposition of Misstatements, and the Effect on the Auditor’s Report: Whenever the auditor verifies that, or is not capable to conclude whether, the financial stat

Ias 40 investment properties, IAS 40 Investment Properties Audit work ...

IAS 40 Investment Properties Audit work common to all kinds of land and building will be used to establish ownership, existence and price. IAS 40 requires such companies may a

Leasehold property - audit process, Leasehold Property - Audit Process ...

Leasehold Property - Audit Process Exactly the same process is adopted for leasehold buildings and land as applied about freehold buildings and land except in the matter of de

Experts as a source of audit evidence, Experts as a source of Audit Evidenc...

Experts as a source of Audit Evidence Mostly the auditor's work on evidence obtained from along within the entity supported through confirmations from third parties will provi

Qualities for final accounts, Qualities for Final Accounts The qualiti...

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

Auditors responsibilities with regard to related parties, Auditors Responsi...

Auditors Responsibilities with regard to related parties ISA 550 Related Parties states which the auditor should perform audit process designed to find sufficient suitable

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd