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The function of internal audit is concerned with analysis of internal check. The internal audit can look into the duties of every employee. All employees are given jobs on the basis of their abilities. The auditor can test the effectiveness of internal check. The function of internal audit is examining the application of legal requirements.
The accounts are prepared under particular legal frame work. Verification of accuracy is a function of internal audit. The accuracy of accounting books and records can be verified with the help auditing techniques. The audit techniques have inspection, observation, inquiry, confirmation, computation and review. An auditor can check the accuracy by these techniques.
auditor is a watch dog not a blood hound
Completeness of Liabilities In distortion, the directors tend to involve non-existent assets or keep out liabilities. Hence whereas along with assets we are especially concern
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Audit of Holding Companies and Group Accounts Authoritative documents are as: The Companies Act Cap 486 IAS 27 IAS 28 IAS 31 IFRS 3 ISA 600 r
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Judgmental Sampling Judgment sampling is where the auditor using his own experience and knowledge of the client's business and circumstances selects the sample to be tested wi
Audit of Accounting Estimates An accounting estimate is described in ISA 540 Audit of Accounting Estimates as 'an estimation of the amount of an item in the absent of a precis
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Verification Procedures - Investment Verification actions should follow the common approach outlined in favor of tangible noncurrent assets. Conversely the following particula
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