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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.
methods of determining break even point
Process to Adopt Liabilities It is significant that the auditor realises which such liabilities can exist and he should obtain reasonable steps to unearth them whether they ex
Liability to third parties For long time liability to third parties existed only in respect to physical damage. Liability for financial loss is a current development. Illustra
State the FIVE threats contained within Auditor''s Code of Ethics and Conduct and for each threat list ONE example of a circumstance that may create the threat.
Information in the Fixed Assets Register The register can obtain the following information: i. Fixed asset number. ii. The cost and the date of purchase. iii. Descrip
Relevance The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contained in the financial sta
Share Capital - Audit Process Share capital is a special type of liability and when it has been issued during the year then verification procedures are as follows: 1. Confirm
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;
Is an audit 100% guarantee?
Attempts at definition of the 'true and fair' view There following quotations represent authoritative views on the meaning of true and fair view. A true and fair view impli
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