Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Auditor's Duty - Audit Process
The auditor has a responsibility to express a thought on the truth and fairness and compliance along with legislation, of the accounts. The valuation basis adopted in organizing the accounts assumes such the company is a going concern in accordance along with IAS 1. Hence, for the auditor to form an opinion he should regard as whether he has reasonable grounds for accepting the applicable ability of the going related assumption. Therefore it follows; he must carry out sufficient work to ensure about this assumption is justified. Therefore he looks for evidence such the company is such as to continue trading for at least the next 12 months from the balance sheet date or more practically or 6 months from the date of the audit report, he looks for evidence such there is no indication to the contrary. However he must take account of important events that are likely to happen even later.In the event which the auditor considers that the company is not a going related, he should advise the directors accordingly and ensure about the accounts are prepared on a break-up basis or a market value. Whether the directors reject to comply then the auditor will have to succeed the accounts as a whole to the effect such they are not fair and true. It is not possible for the auditor to rely on an assessment of the going related position at the balance sheet date alone since the accounts usually only become public knowledge much later after the balance sheet date. Therefore it becomes essential to take into account events taking place after the year end and before the AGM that may affect the company as a going related.
Question: Part A (i) Describe audit sampling. Why do auditors sample instead of examining every transaction? (ii) List the four factors that enter into the sample size
Plant and Machinery - Valuation and Authorization Valuation Valuation is at depreciated historic costs. Auditor's duty is to make sure that the accounting policy for dep
You are auditing the accounts receivable balance of a cable television provider. Individual accounts receivables tend to be similar in amount to each other and cover one or two mon
Requirements of the Companies Act Here the seventh schedule to the Companies Act gives the matters which must be expressly stated in the AUDITOR'S REPORT 1. Where they have
Ownership and Existence - Verification Procedures Establishment of title and beneficial ownership of investments is not convincingly possible. Conversely, evidence is obtainab
In order for auditor to perform audit as per GAAS, only programming independence is required from the audit client. Ans: Yes I agree with the statement as: Programming independe
Summary of IAS 2 Inventories are measured at the lower of cost and net realizable value. Entire realizable price is the calculated selling price in the regular course of busin
Principles of Auditors Procedures i. The financial statements should be prepared on the source of conditions existing on the balance sheet date. ii. The material post balance
what is design and operation
Using the 30 September 2011 trial balance (appendix to this case study) calculate planning materiality and include the justification for the basis that you have used for your calcu
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!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd