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Conformity and Conservatism - External Auditor Report
Conformity
Although the user of the accounts expects the accounts to conform to general accepted accounting principles and the IFRSs, simple rigid conformity can lead to a misleading view. Since whether we simply included profits from overseas branches and if those benefits are not obtainable to shareholders because of exchange control restrictions, so then the accounts would be as misleading.
Conservatism
The concept of prudence is highly esteemed in the accounting profession. However, taken to extremes it could result in accounts not giving a true and fair view as in the case of long term construction contracts, contingent liabilities and in substance over form transactions. An accountant is a pessimist through nature since the auditor must guard against over conservatism.
With reference to the case study business, identify appropriate audit tests to be carried out. Prepare a statement of the work to be carried out and the manner in which it will be
The most effective means for an AUDITOR to confirm his understanding how internal control over financial reporting is designed and operates to test and evaluate its effectiveness.
impact on audit report of going concern
Need for an Audit Whether you take an example for a modern large liability company, such we can clearly differentiate between those who control those funds the providers of fu
information included in current file in auditing
Fraudulent financial reporting Involves intentional misstatements or errors of amounts or disclosures in financial statements to mislead financial statement users. Fraudulent f
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
The first work you do in IDEA IS SECTION 2.5. The accounts receivable folder that you are instructed to select on page 25 is a folder that you are to create previously on page 23.
Is an audit 100% guarantee?
Problem: (a) Your client has sought your advise on the procedures to be adopted for carrying out the stocktaking which is based on a year-end count. You are required to prepa
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