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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.
The Accounting System ISA 400 Risk Assessment and Internal Control accounting system are the sequence of tasks and records of an entity by which transactions are procedure as a
Disclosure Requirements - Investment In common terms, the following items have to be disclosed in the concern to all investments: (a) The accounting policies about:-
#quInternal Audit checklist for fixed assetsestion..
Process to Adopt Liabilities It is significant that the auditor realises which such liabilities can exist and he should obtain reasonable steps to unearth them whether they ex
You have been assigned to carry out a stock take in a company. Your Audit Supervisor has given you with an audit programme. As part of a briefing session to your juniors, you a
Audit Procedures -Research and Development The auditor should ensure that: a) Any costs incurred in the buy of fixed assets in order to give facilities for development and
Sales are shipped FOB shipping point with credit terms n/45. You have verified that the last shipping number used in 2009 was 261,336 and that numbers were used in numerical order.
Permanent Audit File The permanent audit file might involve, inter alia: a) A copy of the enterprise's statutes or statutory documents and other legal governing the enterpr
Verification of Liabilities - Audit Process Usually speaking, the auditor's duty along with regard to liabilities can be summarised follows as: 1. To confirm the existence of
How do internal auditors add to the credibility of financial statements?
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