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Counter - Indications
That the auditor has found indications of going related to non-applicability does not of itself justify instantly conclusion that the entity is not a going to relate. Also he must seek for mitigating factors or counter-indications. This may involve the following as:
a) Ability to raise cash through selling assets
b) Ability to receive new sources of finance as an example hiring, factoring debts, plant leasing.
c) Opportunity of rearranging debt conversion or repayments of long term debt in equity.
d) The opportunity of a rights matter.
e) Support from other collection of companies or from associated companies.
f) The probability of creating alternative trading arrangements.
Accounting Principles and Policies The user of the accounts expects that the accounting principles and policies used will be in conformity with IAS, be generally accepted, be
what is internal audit standardizes.
List the internal controls that should be in effect solely because a EDP system is employed, classifing them as (1) Those controls pertaining to input of information and (2) All ot
Problem 10.42 An investment of $83 generates after-tax cash flows of $49 in Year 1, $67 in Year 2, and $131 in Year 3. The required rate of return is 20 percent. The net presen
The auditors for Weston University are conducting their audit for the fiscal year ended December 31, 2011. Specifically, the audit firm is now focusing on the audit of revenue from
Assets held for Sale - Audit Process A non-current asset or disposal collection is classified as held for sale whether its carrying amount will be recovered principally via a
Permanent Audit File The permanent audit file might involve, inter alia: a) A copy of the enterprise's statutes or statutory documents and other legal governing the enterpr
Brand Names - Audit Process Few companies in current years have placed valuations on the brand names of the goods such they sell. On the balance sheet the valuation is shown.
Explain appropriate audit procedures you would apply in verification of cheque payments.
Advantage and Disadvantage of Judgmental Sampling The advantages of judgment sampling The approach is understood as well and has been refined through experience o
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