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The most effective means for an AUDITOR to confirm his understanding how internal control over financial reporting is designed and operates to test and evaluate its effectiveness. It involves making inquiries of and observing personnel who actually perform the controls; reviewing documents which are used in, and that result from, application of the controls; and comparing supporting documentation to accounting records. In a walkthrough, auditor traces a transaction from origination through the company's information systems to point where it is reflected in the company's financial reports.
main areas contained in a private audit
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Explain the independence between the auditor and the client on financial statement audit engagements
during the preliminary stage of an audit, an auditor most likely would not do the following
Forms of evidence a) Observation: is usually witnessing internal control and book-keeping procedures. It includes attendance at wages pay out. Observation of stock-take, open
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#what are the procedures of conducting audit for the first time#
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Framework of critical thinking principles (a) Identify the key steps in this framework/ concept. (b) Briefly explain each of the key steps, in your own words. Ans: Thin
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