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Important Points about Auditor - Audit Process
The Points that should be noticed that:
i. The auditor must forever date his audit report. This date should be as close as probable to the date of approval of the financial statement through the directors however must be after that date. ISA 700 needs that the date the director's approval to their accounts must be disclosed.ii. Special condition. These are concern rare circumstances but probable:a) Whether the auditor becomes aware among the date of his report and the AGM whenever the accounts will be presented, of information such would change his report then he have to:1. Discuss the issue along with the directors who may desire to amend the accounts2. Consider getting legal advice3. Consider creating a statement at the AGM as he is allowed to through the Companies Act.b) Whether the directors desire to amend the accounts among the date of the report and, the auditor should the posting to the members1. Consider whether the proposed amendment needs a change in his report2. Re date his report3. Review post balance sheet events up to the re dating.
Valuation - Long Term Contracts The basis of valuation should be cost plus attributable profit as benefits less foreseeable losses and progress payments both receivable and re
Verification Work - Audit Process At the same time the audit process will need verification work as an example: examination of costing records, allocation and verification of
discuss the verification procedure of current assets and long term liabilties
In planning the audit work of the Ministry, the audit staff member collected these details relating to the construction of an office complex. 1. In September 1994, the Ministry
audit of insurance entities
Ask qub) How might financial incentives in the form of client services unconsciously introduce auditor bias into the independent audit function? Give some specific real-life exampl
Advantages of Fixed Assets Register There are several advantages if the register properly maintained: a) There is an independent record of all fixed assets showing particul
Assertions about classes Assertions about classes of transactions and events for the period under audit : a) Occurrence -events and transactions which have been recorde
Post Balance Sheet Events Post balance sheet events occupy a very significant place in auditing and hence there is generally a program of work which is carried out in this are
what a group auditing and holding campanies in details with exmple propurly
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