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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.
State four factors considered determining sufficiency of audit evidence
the reliabity of audit evidence defers with source is that true
Objectivity - External Auditor Report Many accounting figures are subjective and contain substantial terms of subjective judgment. Many more business transactions have financ
auditor is a watch dog not a blood hound
A. Board of Directors Best Buy's Board is elected by the shareholders to oversee the business and affairs of the company. The board counsels, advises and oversees management wi
share issue discount
Statistical sampling – Advantages a) It is scientific and defensible; b) It provides a precise mathematical statement about probabilities of being correct; c) It is efficie
types of EDP accounting system and impact of EDP accounting controls
Judgmental Sampling Judgment sampling is where the auditor using his own experience and knowledge of the client's business and circumstances selects the sample to be tested wi
The modern approach allows one audit of an auditable entity with one comprehensive report. One additional advantage is that this approach assists in staff development and retention
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