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Existence - Audit Process
In the case of tangible assets existence is confirmed through the auditor visually, considering the asset examining and concerned its condition. This is essential in that visual evidence provides the auditor a good thought as to the reasonableness of the value attached to the asset. Whether it is impossible to visually consider the asset concerned, so we have to seem for related evidence for example, whether a company claims to the suitable local authority to own land payment of rates is evidence which the plot of land exists. For assets that cannot be actually examined, independent estimation from third parties would suffice. We have to obtain into account cut off arrangements to make sure about existence is at the balance sheet date and not for any other time.
list and explain four factors that influence the auditor''s judgement regarding the sufficiency if the evidence obtain
Long-Term Liabilities Long-term liabilities are generally evidenced through an agreement called a debenture. For this purpose, long-term loans are often called debentures. The
Long Term Contracts - Audit Process The authoritative document with reference to long term contracts is IAS 11: Construction Contracts and IAS 18: Revenue Recognition, and ISA
the availability of audit evidence is necessary but not sufficient condition for absolute reliance on the figure presented for audit
an example of evidence that an auditor would use by illustrating the audit trail of stock purchases
Relevance of Audit Evidence The relevance of audit evidence has to be determining in relation to the overall objective of forming a reporting and opinion on the financial stat
In performing a test of controls for sales order approvals, the CPAs stipulate a tolerable deviation rate of 8 percent with a risk of assessing control risk too low of 5 percent. T
Describe your role in managing a discrete assignmentn..
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
Examination of Deeds Make Sure that the mortgage is in the name shown in the advance records; That there is a document of title to the property within mortgage and that
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