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An internal audit is one which is conduct by the internal auditors of the company. It is not mandatory for the company and the company just conducts it to keep a check on the operations of the company. On the other hand statutory audit is very vital because it is by the external auditors and it is mandatory for all kinds of companies. Statutory audit is usually conducted for several purposes like tax regulatory needs it for taxation purposes.
Audit points - Audit Process Key audit points are as 1. Internal control particularly along with regard to computerisation and internal audit. 2. Provision for doubtful
Work In Progress What such applies to goods for resale applies uniformly to work in progress even when the items present greater problems of valuation and ascertainment to the
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
The Tonka Manufacturing Company conducts its annual physical inventory at the end of the calendar year as a result of the auditor's assessment of non-operating internal controls in
Reserves - Audit Process Movements in reserves need disclosure in the balance sheet, the loss and profit account, the director's reports or in the notices to the accounts. The
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
Problem 1: You have been asked to design a system of controls so as to prevent unauthorized payments being made from the bank account. You are required to identify the controls
techniques of vouching
Banks The Authoritative documents are: The Central Bank of Kenya Act, The Companies Act Cap 486. IAS 30 Disclosure in the Financial statements of Banks and Similar
This charter defines the mission, independence and objectivity, scope and responsibilities, authority, accountability and standards of the Internal Audit function. A charter i
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