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Companies Modes of Operation
Some companies (especially small ones) operate without any overtly expressed plan and simply carry out the business as always, responding to market changes as they happen. Such companies are often very adaptable and survive well.
Large companies normally plan their activities in a hierarchal way, as follows:
Businesses are at risk if their business objectives are not achieved. It is therefore desirable for the management to identify all business risks and if necessary to amend the plan to accommodate the risks or make contingency plans to survive.
For example, a company which has over reliance on one customer might decide actively to seek new customers or markets, perhaps by acquisition. Another example would be a company which is totally reliant on is computer system should have backup facilities.
Why is studying Auditing different from studying other accounting topics?
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Amounts Derived From Financial Statements Please note here the auditor is interested in preceding year's evidence since 1. The Companies Act states such corresponding amounts
Attempts to define True and Fair It must be concluded that there has been slight attempt precisely to define fair and true. The Companies Act needs an auditor to report in
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The modern approach allows one audit of an auditable entity with one comprehensive report. One additional advantage is that this approach assists in staff development and retention
what are the things we need to check in statutory audit of bank?
Advocates - Specialized audit Situation The statutory provisions regulating the handling of client's monies are covered in the advocate's act. Reason of the rules:
Business Risk Approach This approach requires the auditor to determine what are the very important business risks which the client faces. This line of approach both helps the c
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