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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.
what difference between risk assessment procedure and substantive procedures? could you please provide some examples on each procedure?
History - True and Fair International Standards on Auditing (ISAs) make it quite clear that the terms 'true and fair' and 'present fairly' which are used in audit reports in m
types of edp accounting system
The Department of Higher Education (DoHE) in the Ministry of Education awarded a contract for support of 60 computers to My IT Co. Ltd. and the contract conditions required the del
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
Reliance on the Work of Other Auditors The principal auditor or the primary auditor is solely responsible for the holding company's accounts. So here it is inevitable but that
Ask question #MA. Evaluate the strengths and weaknesses of preview Company''s control environment B. What factors in Preview company''s control environment have led to and facilit
Contingencies and Provisions (i) Receive the client's schedule of provisions and seek and contingencies supporting documentation in the form of legal opinions, correspondence
how EDP audit is carried out
procedures for verifying a fixed assets
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