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Assertions about classes
Assertions about classes of transactions and events for the period under audit:
a) Occurrence-events and transactions which have been recorded have pertains and occurred to the entity.
b) Completeness-all events and transactions which should have been recorded such have been recorded.
c) Accuracy-other data and amounts relating to recorded events and transactions have been recorded suitably.
d) Cutoff- events and transactions have been recorded in the correct accounting duration.
e) Classification-events and transactions have been recorded in such the proper accounts.
Business Risk Analysis Business risk can be analyzed between external and internal risks: External risks: Changing legislation (e.g. minimum wage) Changing inter
Current Audit File The current audit file might include inter alia: a) A copy of the audited financial statements and any report prepared as a result of audit work carried out
Capital Commitments - Audit Process The Companies Act needs capital commitments be disclosed through a way of note to the accounts. Therefore the auditor must execute suffici
It is a compulsory audit Completed by a CA. Finance Audit conduct by the CA to compliance the legal requirements of monitory issues.
Reference to an expert in the Auditor's Report When issuing an unmodified auditors report, the auditor should not refer to the work of the expert. This is because such a refe
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
In planning the audit work of the Ministry, the audit staff member collected these details relating to the construction of an office complex. 1. In September 1994, the Ministry
Fitri, a sole proprietor in pulic practice, plans to establish a separate department that will provide internal audit service to his audit clients.
People do not plan to fail, they fail to plan. Planning is an essential feature of an effective audit. The most effective plan is one that is reduced to writing, outlining the au
Relevance of Audit Evidence The relevance of audit evidence has to be determining in relation to the overall objective of forming a reporting and opinion on the financial stat
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