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!
Banks under Companies Act
Banks are incorporated under the Companies Act like any other business but are granted special privileges under the same Companies Act and subjected to very strict controls by the Central Bank of Kenya. Apart from frequent visits from the Central Bank and regular reports to the Central Bank on liquidity levels the auditor is also required to submit a copy of his audit report to the Central Bank. The auditor should review the reports submitted to the Central Bank and the reports submitted to the bank by the Central Bank as a result of the visits. The auditor is also concerned with enquiring into compliance with the Banking Act. In theory, banks are allowed to set up secret reserves by writing down assets or creating excessive provisions without disclosing that they have done so. The effect of this is:
If the bank was to take advantage of these provisions then it would not be possible for the auditor to give a true and fair view report on the accounts. In practice banks in Kenya do not take advantage of the provisions and therefore the auditor carries out a normal audit and gives a report in true and fair terms.
Trademarks and Patent Trademarks and then written off over their useful lives and patents may be capitalized along with any renewal fees being charged to revenue. Whether a tr
Auditors Procedures During Stock Taking The main task during stock taking is to ascertain where the client's employees are carrying out their commands properly. It is particul
Sufficiency - Sources of evidence The audit evidence should in total enable the auditor to form an opinion on the financial statements. Sufficiency is a measure of evidence o
Problem: You are an auditor of a company which operates three large departmental stores at Grand Bay, Port Louis and Tamarin. You are preparing your audit plan and you are p
what is internal audit standardizes.
audit account?
Financial Statements Rely All Financial providers people must be sure that the financial statements can be relied upon. It should be noted that: 1. The auditor himself must be
Judgmental Sampling The Judgement sampling is where, auditor using his own experience and awareness of the client's business and situations selects the sample to be tested with
Case Study: Hide-It (HI), a family-owned business based in Tombstone, Arizona builds custom homes with special features, such as hidden rooms and hidden wall safes. Hide-It has
This charter defines the mission, independence and objectivity, scope and responsibilities, authority, accountability and standards of the Internal Audit function. A charter i
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