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Completeness of Liabilities
In distortion, the directors tend to involve non-existent assets or keep out liabilities. Hence whereas along with assets we are especially concerned along with existence, beneficial and valuation ownership, along with liabilities, the main concern is along with completeness and hence the use to devote some space to this area. It is not sufficient to be satisfied such all liabilities recorded in the books are accurate and incorporated in the final accounts. The auditor must be satisfied also when there are no other liabilities in existence that for one cause or another are not involved in the books in the accounts.
The Tonka Manufacturing Company conducts its annual physical inventory at the end of the calendar year as a result of the auditor's assessment of non-operating internal controls in
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
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
Examples of Specialists Examples of specialists or experts whose work may be relied upon include: For valuations such as land and buildings, machinery and plant,
QUESTION: (a) The auditor should get relevant and reliable audit evidence sufficient to enable him to draw reasonable conclusions therefrom: (i) What do you understand by
the reliabity of audit evidence defers with source is that true
Planning for Stock taking Stock taking should be planned well in carried out and advance carefully and systematically through persons fully informed of the duties involved. Th
Reserves - Audit Process Movements in reserves need disclosure in the balance sheet, the loss and profit account, the director's reports or in the notices to the accounts. The
Questionable Payments In some countries, business is often gained by bribing ministers or public officials or officers of companies or firms with whom one wishes to do business
procedures for verifying a fixed assets
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