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Audit Work on the Holding CompanyWe will focus on the verification of investments in subsidiary companies.1. Get a schedule that should contain the following information. All the data such the Companies Act needs to be disclosed in the holding company's own accounts, copies of the accounts of each and every subsidiary along with a note who that the auditor is, summary of movements in investments in subsidiary, details of any qualifications in any of the audit reports, and on current and loan accounts along with its subsidiary, reconciliations of intercompany balances.2. Ownership and Existence must be verified through examining the share certificates and ensuring such they are in the identification of the holding company. Whether not, then blank signed transfer forms should be obtainable from the nominees. Whether the share certificates are held through third parties, after that an suitable certificate must be acquired.3. Loan and Current accounts: Their verification is usually done through acquiring a certificate from its subsidiary verifying the balances. Also whether the auditor of the holding company is the auditor of the subsidiary, so he can reconcile entries in equally sets of books himself. The auditor must convince himself about dealings among group companies are not required to cover up material errors.4. Valuation: Valuation is verified as follows: whether the shares were obtained in the year consider authorization and cost. Examine accounting treatment of any discount and premium upon acquisition and any dividends obtained out of pre-acquisition profits. The balance sheet value of its subsidiary might be considered and this could involve review of each individual subsidiary's account to verify that it is now a going concern.
Procedures in Evaluating the Work of Expert The auditor must get reasonable assurance which the expert's work constitutes suitable audit evidence in based of the financial inf
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Post Balance Sheet Events Post balance sheet events occupy a very significant place in auditing and hence there is generally a program of work which is carried out in this are
Are you able to help me my advanced auditing assignment? It is Tuesday and it is due Friday. I have worked hard on it but I am struggling with it. Carmen
Research and Development - Audit Process The past of business is littered along with cases of companies which have collapsed as a convulsion of over indulgence in discover and
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
#quInternal Audit checklist for fixed assetsestion..
Final Review of the Financial Statements The work we have considered so far has shown which the auditor first gathers facts that the enterprise and the environment it operates
Ask question #MA. Evaluate the strengths and weaknesses of preview Company''s control environment B. What factors in Preview company''s control environment have led to and facilit
In performing a test of controls for sales order approvals, the CPAs stipulate a tolerable deviation rate of 8 percent with a risk of assessing control risk too low of 5 percent. T
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