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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.
Accounting Requirements - IAS 40 Investment Properties IAS 40 prescribes the accounting treatment about investment property and related disclosure necessities. Investment
(a) In order to draw reasonable conclusions, an auditor is required to identify and use audit procedures to gather audit evidence. You are required to identify and explain, five
Recording the Audit - ISA 230 Purpose of working papers It is necessary which all audit work is documented - the working papers are the tangible evidence of the work co
#Fortex Limited, the meat processing firm, was formed in 1985 from three smaller companies. In 1993, however, after a few years of spectacular growth, the company collapsed. a) S
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
please verify txns
auditor is a watch dog not a blood hound
Why is studying Auditing different from studying other accounting topics?
Ownership and Existence - Verification Procedures Establishment of title and beneficial ownership of investments is not convincingly possible. Conversely, evidence is obtainab
WHAT ARE THE MAJOR PROBLEMS INVOLVED IN THE USE OF A PERSONAL COMPUTER BASED PC SYSTEM BY A SMALL COMPANY
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