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Detail work on stocks - Audit of Current Assets
Detail work on stocks is imperative in an audit, since there are other review tests that are equally important and these include:
a) Quantity reconciliation of changes in stocks at successive period ends along with records of movements that are issues and receipts.
b) Comparison of quantities of every kind of stock held in one year end along with those held on a previous year end and the related issues and receipts.
c) The gross profit ratio is compared to that of the previous year, other companies and budget.
d) Review of rate of stock turnover along with previous year.
e) Comparison of stock pictures and budgets for stocks, purchases and sales.
f) Consideration of standard costing records, the treatment of variances in such the valuation of work and stocks in progress.
Selection of a Sample - Audit Process The following accounts must be involved in debtor's circularisation: 1) Large balances since they are large and the moreover you can sub
describe possible factors in the auditor-client relationship that can make it more difficult for the auditor to detect fruad
please verify txns
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
Current Audit File The current audit file might include inter alia: a) A copy of the audited financial statements and any report prepared as a result of audit work carried out
The Need for an Audit If you take an example of a modern large liability company, we can clearly distinguish between the providers of funds and those who control those funds. The
Explain appropriate audit procedures you would apply in verification of cheque payments.
Communication: Whenever the auditor recognizes a misstatement resultant from fraud, or a suspected fraud, or error, the auditor must consider the auditor’s duty to communicate
Is an audit 100% guarantee?
auditor is a watch dog not a blood hound
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