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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.
Non-statutory Audits The non-statutory audits are performed through independent auditors sicne the owners, proprietors, trustees, members and governing and professional bodie
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
Audit of Current Assets Verification of Work and Stocks in Progress Authoritative documents: IAS 2/ISA 500/501 IAS 1 Preparation of financial statements requires inv
Accounting Principles - Intangible Assets IFRS 3 prescribes the financial reporting through an entity whenever it undertakes a business combination. A business combination is
1. On 5 August 2012, the financial controller informed you that the board has recently received a letter from the assistant general manager, Mr. Tan. The letter contains a confessi
Audit Procedures - Intangible Assets The auditor's process as far as goodwill is relating would involve as: a) Vouching for details as per the buy agreement of the values
What is an external auditor's responsibility in regard to finding fraud?
Fraud and Error ISA 240: the Auditor’s duty to Consider Fraud and Error defines that whenever planning and performing audit procedures, computing and reporting outcomes thereby
ILLEGAL ACTS Auditors may uncover criminal offences committed by a client or an employee of the client. This puts them in a difficult place, though the auditor must act careful
What are the strength of Stock transfer note
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