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Cost and Authorization - Detailed audit of stock
Cost
A favor of the auditor this is restricted generally to determining the technique adopted through the organization in pricing stocks. The auditor weighs the appropriateness and acceptability of the policies adopted. Well the rest of the exercise is a mechanical exercise of testing to confirm about the technique adopted have been properly applied.
Authorization
Therefore the purchases cycle creates stocks, audit work of compliance tests, logical reviews and substantive tests in the area of buys rarely provide the auditor along with adequate evidence as just to authorization technique in obtaining stocks.
Q. Which of the following represents the largest number of common shares? a. Treasury shares b. Issued shares c. Authorized shares d. Outstanding shares
Common stock valuation 1. Features of common stock (You may review common stock learned from TCA 221) a. Residual claim on income and assets (after debt holders and preferre
Qualities for Final Accounts The qualities needed of the final accounts: the final accounts must possess specified qualities and these are: a) Utilize of acceptable account
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
IAS 37 Provisions, Contingent Assets and Contingent Liabilities IAS 37 was mattered in order to deal along with the subjective area of provision and to prevent the requiremen
How to vouch
Fairness - Auditing The word fair can have the following meanings: on the other hand clear, plain and distinct and on the one impartial, equitable and simple. When fair is
Assertions about disclosure Assertions about disclosure and presentation : a) Rights and Occurrence and obligations -disclosed transactions and events and other issues
How to involve people in audit? Ans) Use audits as opportunities to train others. Ask for a volunteer (who is not an auditor) to walk by the audit process with you as an assista
Benefits of Internal Audit are following: It is in-expensive. No charted accounted is needed to audit internally. Faults will be removed before preparing financial stateme
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