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Evaluation and Disposition of Misstatements, and the Effect on the Auditor’s Report:Whenever the auditor verifies that, or is not capable to conclude whether, the financial statements are materially mis-stated as an outcome of fraud or error, the auditor must consider the allegation for the audit.
Documentation:The auditor must document fraud risk factors recognized as being present during the auditor’s assessment procedure and document the auditor’s reaction to any such factors. When during the act of the audit, fraud risk factors are recognized which cause the auditor to consider that additional audit processes are essential, the auditor must document the existence of such risk factors and the auditor’s reply to them.Communication:Whenever the auditor recognizes a misstatement resultant from fraud, or a suspected fraud, or error, the auditor must consider the auditor’s duty to communicate that information to management, those charged with supremacy and, in some conditions, to regulatory and enforcement authorities.
Auditors use various tools to document their understanding of an entity's internal control system, including narrative descriptions, internal control questionnaires, and flowcharts
Incorporated Banks under Companies Act Banks are incorporated under the Companies Act like any other business but are granted special privileges under the same Companies Act a
expalining the meaning of audit test data
The auditors for Weston University are conducting their audit for the fiscal year ended December 31, 2011. Specifically, the audit firm is now focusing on the audit of revenue from
A. Board of Directors Best Buy's Board is elected by the shareholders to oversee the business and affairs of the company. The board counsels, advises and oversees management wi
audit of insurance entities
You are the external auditor of Apex tour Ltd, a company which promotes New Zealand tours to Australia and owns chain duty free shops. You have been auditing the company since it w
Sales are shipped FOB shipping point with credit terms n/45. You have verified that the last shipping number used in 2009 was 261,336 and that numbers were used in numerical order.
Presentation and Disclosure - Audit Process Specific presentation involves presentation in accordance along with the suitable IFRS/IAS or International Accounting Standards.
General phases of control evaluation are: Phase 1: Understand and document • Understand the client's internal control • Document the understanding of internal control o
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