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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
Transferee Liability - A person may be held LIABLE for another taxpayer's delinquent taxes if: 1. The transferee received assets of the transferor-taxpayer; and 2. The transf
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Role of Accountant The Accountant's Role Every year a lawyer who such handles client's money is used to created to the Law Society of US a report through a qualified accoun
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
Related Parties - Audit Evidence IAS 24 prescribes the disclosures essential to the possibility to draw attention which the financial position and loss or profit of an entity
Auditor's Procedures - Going Concern In forming a thought on the going to relate position of a company, the auditors have to: a) Examine the company, its plans for the futu
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Dealings with Directors and Other Parties - Sundry Debtors and Loans Dealings along with directors and other related parties: The auditor's duties are follows as: i. The revi
Ask quesThe 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 Co
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