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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.
Skills and Objectivity of Expert The skills and competence of the expe rt Whether planning to require the work of an expert, so the auditor should assess the professiona
Advantage and Disadvantage of Judgmental Sampling The advantages of judgment sampling The approach is understood as well and has been refined through experience o
Explain The Difference Between Internal Audit And External Audit? Ans) The internal audit is performed to help the management. The weakness of the management is disclosed
Valuation and Allocation - Audit Process As we saw assets are usually valued at cost or a valuation less a provision for usage or loss of value. We have to ensure therefore t
Cash and Window Dressing - Building Society Cash Possibility of misappropriation and error usually accompany the handling of cash. Building societies transactions towards
Auditors Procedures During Stock Taking The main task during stock taking is to ascertain where the client's employees are carrying out their commands properly. It is particul
B. The following situations involve a possible violation of the MIA ByLaws (on professional ethics, conduct and practice). For each situation, (1) decide whether or not the Code ha
#what are the procedures of conducting audit for the first time#
Auditors use various tools to document their understanding of an entity's internal control system, including narrative descriptions, internal control questionnaires, and flowcharts
Audit of Accounting Estimates An accounting estimate is described in ISA 540 Audit of Accounting Estimates as 'an estimation of the amount of an item in the absent of a precis
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