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Going Concern Considerations - Audit Process
IAS 1 Presentation of Financial Statements knows the going related assumption as one of the fundamental assumptions that underlie the periodic financial statements of enterprises. The meaning of going related can be said to be such the financial statements assume which the enterprise will continue in operational existence for the foreseeable future, or place another way the financial statements assume no intention or requirement to liquidate or curtail considerably the scale of operation or place more easy that the enterprise can meet its financial obligations like they fall due. The going related idea is very fine established in accounting and there is an authoritative document, ISA 570 Going related. The student is recommendation to read it in detail. The points to note still are:
i. The significance of the principle
ii. The auditor's responsibility
iii. Showing of the inapplicability of the principle
iv. Counter shows
v. Audit process
vi. The impact on audit reports in exercise.
Goodwill and Fair Value The main points the auditor needs to verify for any goodwill arising in the accounting period are as follows: (i) Examine the procedure used to find
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Please assist me with this internet research, Search the internet (e.g. a company's website or sec.gov and find an audit report for a company's audit of internal control over fi
Classification of Individual Business Risk Individual business risk can be low or high impact and low or high likelihood. Here are some illustrations for a satirical magazine.
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
Question: Part A (i) List and define five audit procedures for obtaining audit evidence. (ii) Why is it necessary to obtain corroborating evidence for inquiry and obser
Non-Adjusting Events - Audit Process Non-adjusting events are those that are indicative of conditions such arose than the balance sheet date as a decline in the market price o
how to calculate materiality given the acoountin period information
Related Party Transactions Related party transactions-a transfer of obligations or resources among related parties, regardless of whereas a price is charged. A party is rel
Responsibilities of the Auditor The Auditor has no duty for the prevention and recognition of fraud and error though the annual audit might act as a restraint. As explained
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