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Capital Commitments - Audit Process
The Companies Act needs capital commitments be disclosed through a way of note to the accounts. Therefore the auditor must execute sufficient work to certify that such amounts are fairly and completely stated. He may receive this information from the directors in a letter of representation however work must be performed to verify the amounts stated. The director's minutes should be reviewed for evidence of authority to situate capital contracts. Examination of capital commitments might be carried out and discussions held along with the suitable management staff. Correspondence along with lawyers should be perused to find out whether any instructions have been provided for drawing up major contracts. The notice must distinguish among expenditure authorised through the directors and the contracts that have already been entered into.
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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
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Measures To Be Taken By the Individual Auditor Proper recruitment and training of all staff; Allocating staff to particular audits where they have the appropriate skills;
Share and deposits Shares may consist of subscription shares and paid up shares. Interest on shares might be credited to the accounts rather than being paid to ensure proper co
Statistical sampling - Advantages A. It is defensible and scientific; B. It gives a precise mathematical statement for probabilities of to be correct; C. It is efficien
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Valuation of Debtors Debtors are valued simple like other assets at the lower of cost and total realisable value. Valuation of debtors is actually a consideration of where the
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How do internal auditors add to the credibility of financial statements?
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