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Auditors Procedures - Audit Process
The relevant authority on post balance sheet events is ISA. The preparation of loss and profit account and balance sheet will forever include the consideration of events that have or will happen after the balance sheet date. The purpose being there are numerous dealings in progress at the balance sheet date which outcome is uncertain and so further events subsequent to the balance sheet date such have happened or are expected to occur require to be examined to determine the suitable values of liabilities and assets. Examples abound like the collectability of debts, the total realisable value of old stocks, the conclusion of litigation. Even the value of fixed assets is a function, of their expected future needful life.Because the directors in preparing the accounts will invariably require post balance sheet events, the auditor must receive evidence such all post balance sheet events have been considered and where suitable utilized and balance sheet values accurately incorporate post balance sheet events.
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
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
Amortization and Impairment Amortization - capitalized costs would be amortized to reflect the pattern whether the related economic benefits are identified. Once commercial
Auditors use various tools to document their understanding of an entity's internal control system, including narrative descriptions, internal control questionnaires, and flowcharts
Explain The Difference Between Internal Audit And External Audit? Ans) The internal audit is performed to help the management. The weakness of the management is disclosed
The management of a newly incorporated company is unsure as to the need for an audit. Your services have been requested to explain to management the concept of auditing. Requir
The International Auditing and Assurance Standards Board (IAASB) is an independent standard-setting body that serves the public interest by setting high-quality international stand
Question 1: What do you meant by Proactive Project Management? Define Proactive Project Management Bring out significance of Proactive Project Management with an exa
how to calculate materiality given the acoountin period information
should your test for unrecorded liabilities be affected by the fact that a letter is obtained in which a responsible management official certifies that to the test of his knowledge
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