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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.
General advantages and disadvantages of joint audits Advantages: All work and fees are welcome to audit firms. An opportunity to closely inspect the auditing methods
Advocates - Specialized audit Situation The statutory provisions regulating the handling of client's monies are covered in the advocate's act. Reason of the rules:
Ask Describe the weaknesses in internal control and recommend improvements in Swan’s procedures for the purchase, receipt, storage and issue of raw materials. Organize your answer
describe how the auditors would determine that all investments income from shares had been properly recorded in the accounting records
Audit Procedures -Research and Development The auditor should ensure that: a) Any costs incurred in the buy of fixed assets in order to give facilities for development and
Benefits of Internal Audit are following: It is in-expensive. No charted accounted is needed to audit internally. Faults will be removed before preparing financial stateme
IAS 40 Investment Properties Audit work common to all kinds of land and building will be used to establish ownership, existence and price. IAS 40 requires such companies may a
Contents of Working Papers - Audit The ISA 230 No.3 stresses which audit working papers may always be adequately complete and detailed to enable an experienced auditor along w
(a) 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. (b) You a
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
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