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The management of a newly incorporated company is unsure as to the need for an audit. Your services have been requested to explain to management the concept of auditing.
Required:
(a) What is the general definition of an audit? Briefly discuss the key component parts of the definition.
(b) Briefly describe the following types of audit
(i) Statutory audit (ii) Management audit (iii) Internal audit
(c) Discuss the value of external audit to the following users:
(i) Shareholders who want information about a company's performance.
(ii) Management who want to reduce risk and improve performance.
(d) For auditors to give a reasonable assurance that financial statements are free from material misstatements, legislation establishes rights and duties. Briefly explain three statutory rights and three duties of auditors.
(e) Discuss five benefits and five limitations of statutory audit.
Limitation of Audit Evidence The quantity and quality of evidence is constrained through the following factors as: Absolute proof is not possible; Some assert
Question: Part A (i) List and define five audit procedures for obtaining audit evidence. (ii) Why is it necessary to obtain corroborating evidence for inquiry and obser
Deferred Taxation - Audit Process Deferred Taxation results from the fact such the income tax department require different rules for calculating profits from those used throug
The Concept of Audit Evidence Auditing is an evidence gathering exercise. It is an exercise carried out to confirm the assertions made by the management in carrying out the man
Specialized Audit Situations Companies carry on thousands of different types of trade, business or professional activities. It is not possible in a manual on general auditing
With reference to the case study business, plan an audit. You should make specific reference in your plan to: Scope of the audit Materiality Risk factors including fra
hi, im a preformer and i want to know should i be myself duing an audition or should i act proper ans sweet like everyone els
Forms of Evidence Observation , is mostly witnessing internal book-keeping procedures and system control. It involves attendance at wages pay out. Observation of stock-ta
Action if Management Refuses to Provide Representations If management refuses to provide a representation that the auditor considers essential, this constitutes a scope restric
Importance of Related Party Transactions Whenever the existence of about transactions and parties among such parties are considered ordinary features of business, the auditor
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