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Internal Control - Investment
Whether a trading concern holds merely a few investments, there is unlikely to be any organized internal control systems particularly for those investments.
Along with a larger investment portfolio, there should be a system of internal control that will involve:
(i) Verification actions for sales and purchases
(ii) Register reconciled along with control accounts
(iii) Control over dividend or else interest receipts
(iv) Proper separation of responsibility and supervision.
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how do internal controls affect or improve the goals of a bussiness firm
IAS 40 Investment Properties - Audit Evidence Typical audit evidence might include: Physical verification of the situation and location of the investment property and c
Judgmental Sampling The Judgement sampling is where, auditor using his own experience and awareness of the client's business and situations selects the sample to be tested with
QUESTION: (a) The auditor should get relevant and reliable audit evidence sufficient to enable him to draw reasonable conclusions therefrom: (i) What do you understand by
the availability of audit evidence is necessary but not sufficient condition for absolute reliance on the figure presented for audit
Amounts Derived From Financial Statements Please note here the auditor is interested in preceding year's evidence since 1. The Companies Act states such corresponding amounts
With internal audit we always require to be careful of any manipulations within the company itself. Errors and frauds within the company cannot be denied /overlooked at any cost.
Existence - Audit Process In the case of tangible assets existence is confirmed through the auditor visually, considering the asset examining and concerned its condition. Thi
Examples of Specialists Examples of specialists or experts whose work may be relied upon include: For valuations such as land and buildings, machinery and plant,
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