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Statutory Audit is a mandatory audit done by a CA. Finance Audit is conducted by the CA to compliance the legal supplies of monitory issues. If the audit for a business or an organization is done compulsory by law then such kind of audit is known as statutory audit. The business organization audit is mandatory is like insurance companies, cooperative societies and banking co etc
How to involve people in audit? Ans) Use audits as opportunities to train others. Ask for a volunteer (who is not an auditor) to walk by the audit process with you as an assista
Identify and explain FIVE risks to independence arising in carrying out your audit
describe how the auditors would determine that all investments income from shares had been properly recorded in the accounting records
Auditor's Duty - Audit Process The auditor has a responsibility to express a thought on the truth and fairness and compliance along with legislation, of the accounts. The valu
In a financial audit, management assertions or financial statement assertions is the set of information that the preparer of financial statements (management) is providing to anoth
Prepayments - Audit Process Prepayments similar to accruals are not mostly checked through the double entry system. This creates them susceptible to mistake. The auditor's pro
Judgmental Sampling The Judgement sampling is where, auditor using his own experience and awareness of the client's business and situations selects the sample to be tested with
Statistical sampling – Advantages a) It is scientific and defensible; b) It provides a precise mathematical statement about probabilities of being correct; c) It is efficie
Action if Management Refuses to Provide Representations If management refuses to provide a representation that the auditor considers essential, this constitutes a scope restric
What is an external auditor's responsibility in regard to finding fraud?
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