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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.
what is statutory audit and private audit
Action if Management Refuses to Provide Representations If management refuses to provide a representation that the auditor considers essential, this constitutes a scope restric
IAS 40 Investment Properties - Audit Evidence Typical audit evidence might include: Physical verification of the situation and location of the investment property and c
Non-Attendance at Stock Takes Whether the auditor is unable to attend a stock take, since he has numerous clients along with the same accounting date, or stock is situate at r
The modern integrated audit approach combines elements of various traditional audit areas having financial, operational, and information technology.
Authoritative Document is IAS 17 Leases The suitable technique of amortization or depreciation to require in the case of leasehold property and freehold buildings is straight-
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Q. Walkthroughs for auditor? Walkthroughs provide the auditor with evidence to: 1. Confirm auditor's understanding of the process flow of transactions. 2. Confirm auditor
Procedures When Fraud is suspected Whenever the auditor encounters situation that might indicate that there is a material mis-statement in the financial statements resultant fr
People do not plan to fail, they fail to plan. Planning is an essential feature of an effective audit. The most effective plan is one that is reduced to writing, outlining the au
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