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Dealings with Directors and Other Parties - Sundry Debtors and Loans
Dealings along with directors and other related parties: The auditor's duties are follows as:i. The review of all loans made to connected persons and directors outstanding at any time of the year. Materiality does not relate. All loans must be reviewed.ii. Certificates of confirmation should be got from the directors concerned.iii. Understand the board minutes to ensure such all advances are subject to appropriate board minutes.iv. Ensure to compliance along with the law.v. Full disclosure as needed should be made.vi. Whether the directors fail to give all the relevant information in the accounts the auditor is needed to provide that information in his report.
Judgmental Sampling The Judgement sampling is where, auditor using his own experience and awareness of the client's business and situations selects the sample to be tested with
Amounts Derived From Financial Statements Please note here the auditor is interested in preceding year's evidence since 1. The Companies Act states such corresponding amounts
how to calculate materiality given the acoountin period information
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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Financial Instruments - IAS 32 and IAS 39 IAS 39 and IAS 32 are examinable to the extent such they deal along with the presentation and measurement of equity, debt or else con
With internal audit we always require to be careful of any manipulations within the company itself. Errors & frauds within the company cannot be denied /overlooked at any cost.
Banks under Companies Act Banks are incorporated under the Companies Act like any other business but are granted special privileges under the same Companies Act and subjected t
Matters of Audit Process Another matter to be covered as: 1. Accounting policies: these should be uniform all over the group and should be properly disclosed. 2. Consoli
Non-Adjusting Events - Audit Process Non-adjusting events are those that are indicative of conditions such arose than the balance sheet date as a decline in the market price o
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