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Existence - Plant and Machinery
However this should generally be checked through physical inspection, so a problem arises. Items of machinery and plant can be numerous mobile, valuable and portable. Therefore it becomes difficult for the auditor to be assured which the value attached to machinery represents plant and plant machinery which usually exists for the balance sheet date. Therefore we shall digress a little and think about a record which is crucial in surly the existence of fixed assets within this type and this is the fixed assets register.
The fixed asset register is an essential independent register such auditors invariably encourage their clients to continue. Since it to be a truly independent registers that the person maintaining it should have no task for:
a) Authorizing or ordering the purchase of fixed assets.
b) The custody of the fixed assets.
c) Authorizing the disposal of fixed assets.
d) Maintaining common ledger accounts.
e) Custody of readily possible assets.
Action if Management Refuses to provide Representations Whether management rejects to provide a representation which the auditor considers compulsory, this constitutes a scope
List the internal controls that should be in effect solely because a EDP system is employed, classifing them as (1) Those controls pertaining to input of information and (2) All ot
General Verification Procedures - Audit Process 1. Get or prepare a schedule for each and every class of liability. Usually this would indicate the makeup of the liability a
Government has recently set up a parastatal body responsible for waste management in Mauritius. The management is unsure as to the need for an audit and the setting up of an intern
Why is studying Auditing different from studying other accounting topics?
online exam in Auditing class. the exam will be about 2 hr. Thank you
The Accounting System ISA 400 Risk Assessment and Internal Control accounting system are the sequence of tasks and records of an entity by which transactions are procedure as a
Is an audit 100% guarantee?
Audit Function The audit functions as follows as: 1. To verify the estimation of timing differences; 2. To ensure such permanent differences have not been got into accou
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