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Financial Statements Rely
All Financial providers people must be sure that the financial statements can be relied upon.It should be noted that:1. The auditor himself must be independent to have credibility.
2. He must have the primary objective of producing a report of his opinion on the truth and fairness of the accounts, so that any person reading and using them can believe in them.
3. Subsidiary objectives can be seen to be the detection of errors and fraud, the prevention of errors and fraud by the deterrent and moral effect of the audit and the ability to provide other benefits to his clients such as: • Assistance with accounting; • Systems; • Taxation; • Financial and other problems.The Companies Act was designed to protect shareholders from directors hence the need for an audit as contained in the Companies Act mainly relates to limited liability companies, but as we shall see any organization can benefit from an audit.
Assertions about disclosure Assertions about disclosure and presentation : a) Rights and Occurrence and obligations -disclosed transactions and events and other issues
Assertions about classes Assertions about classes of transactions and events for the period under audit : a) Occurrence -events and transactions which have been recorde
General phases of control evaluation are: Phase 1: Understand and document • Understand the client's internal control • Document the understanding of internal control o
Auditors Responsibilities with regard to related parties ISA 550 Related Parties states which the auditor should perform audit process designed to find sufficient suitable
Issues for Finance Leases For the leases such have been categorize as finance leases, a model uses to be checked for the following issues: (i) Check technique used to split
distinguish between early audits and modern audits
Key Audit Areas Key audit areas in detail (a) Ascertainment of creditors and debtors: Insurance companies do not keep their personal ledgers in such a way as to prod
what is internal audit standardizes.
#quInternal Audit checklist for fixed assetsestion..
Question: Explain the type of audit conducted by the sponsor when he suspects or comes to know that the site will be audited by FDA. A Mention type of audit conducted by the
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