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

Briefly explain different types of audit, Government has recently set up a ...

Government has recently set up a parastatal body responsible for waste management in Mauritius. The management is unsure as to the need for an audit and the setting up of an intern

Stock purchase, an example of evidence that an auditor would use by illustr...

an example of evidence that an auditor would use by illustrating the audit trail of stock purchases

Definition of auditing , Definition of Auditing According to Internatio...

Definition of Auditing According to International Standard on Auditing (ISA) objective and common principles governing an audit of financial statements, the purpose of a financ

Auditing different from studying other accounting topics, 1. Why is studyin...

1. Why is studying Auditing different from studying other accounting topics? 2. How might understanding auditing concepts prove useful for consultants, business managers, and other

Audit procedures, Explain appropriate audit procedures you would apply in v...

Explain appropriate audit procedures you would apply in verification of cheque payments.

Preliminary engagement, during the preliminary stage of an audit, an audito...

during the preliminary stage of an audit, an auditor most likely would not do the following

Steps to preparing the audit, With reference to the case study business, pl...

With reference to the case study business, plan an audit. You should make specific reference in your plan to: Scope of the audit Materiality Risk factors including fra

Transferee liability, Transferee Liability - A person may be held LIABLE fo...

Transferee Liability - A person may be held LIABLE for another taxpayer's delinquent taxes if: 1. The transferee received assets of the transferor-taxpayer; and 2. The transf

Explain the different auditing procedures, Problem : As per the Field S...

Problem : As per the Field Standard (INTOSAI), competent, relevant and reasonable evidence should be obtained to support the auditor judgement and conclusions regarding the org

Audit of partnerships, Audit of Partnerships The audit of a partnership...

Audit of Partnerships The audit of a partnership is not normally required by statute and so the auditor must agree with the client what his rights and duties are going to be. T

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