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Discovery of unlawful acts
When an auditor discovers unlawful acts, usually he is not expected to disclose to the police or other authorities unless:
Hence to sum up, the auditor on discovery of an unlawful act must do nothing positively to assist in the offence or to prevent its disclosure. He should bring all offences of employees to observe of his clients. When the offence is such that its non-disclosure means that the accounts are not showing an accurate and fair view, then the auditor must insist on disclosure or qualify his audit report. Discovery of material defects in prior accounts must be pointed out to the client with recommendation for disclosure.
Ask question #MA. Evaluate the strengths and weaknesses of preview Company''s control environment B. What factors in Preview company''s control environment have led to and facilit
Audit Risk and Business Risk We saw in earlier studies that audit risk is often categorized as the product of inherent risk, control risk and detection risk. Auditors should
Classification of Individual Business Risk Individual business risk can be low or high impact and low or high likelihood. Here are some illustrations for a satirical magazine.
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
Relevance The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contained in the financial sta
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Advantages and disadvantages
Assertions about account Assertions about account balances at the duration end: a) Existence -assets, equity and liabilities interests exist. b) Obligations and Ri
An auditor is conducting an audit of the financial statements of a wholesale cosmetics distributor with an inventory consisting of thousands of individual items. The distributor ke
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
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