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Irregularities:
Irregularities can be explained as intentional distortions of financial statements for whatever reason and also as misappropriation of possessions whether or not a company by deformation of financial statements. The auditor's duty to fraud and other irregularities is precisely similar as that of errors.Materiality:
When the auditor knows or suspects that a fault or irregularity has happened or exists, then he cannot apply materiality thought until he has adequate proof of the extent of the fault or irregularity.Indication of irregularities:
Possible signs of irregularities involve:
Banks The Authoritative documents are: The Central Bank of Kenya Act, The Companies Act Cap 486. IAS 30 Disclosure in the Financial statements of Banks and Similar
Banks under Companies Act Banks are incorporated under the Companies Act like any other business but are granted special privileges under the same Companies Act and subjected t
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 i
You are the auditor of ABC Company and the audit process is almost complete. The audit report is due to be signed next week. However, the following additional information on two ma
Audit Risk and Business Risk We saw in earlier studies that audit risk is often categorized as the product of inherent risk, control risk and detection risk. Auditors should
list of assets
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Provide the data regarding all about auditing of Newspaper agencies
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Pension Funds Pension funds are set up by companies or other organizations: (a) To administer the pension payable to retired employees and (b) Ensure that funds are available
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