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Statistical sampling – Advantagesa) It is scientific and defensible;
b) It provides a precise mathematical statement about probabilities of being correct;
c) It is efficient as over large samples are not taken;
d) It tends to cause uniform standards among different auditing firms;
e) It can be used by lower grade staff who due to lack of experience may be lacking the necessary judgement needed by the judgement sampling.
Q. Explain about Wash Sale? Wash Sale - A wash sale takes place if stock or securities are sold at a LOSS and seller acquires substantially identical stock or SECURITIES 30 day
Recognize the Related Parties The auditor should review information provided through the management and directors recognize the names of all identified related parties and sho
what is tolerable error?
General advantages and disadvantages of joint audits Advantages: All work and fees are welcome to audit firms. An opportunity to closely inspect the auditing methods
Management Representations as a Source of Audit Evidence International Standard on Auditing as abbreviated ISA 580 Management Representations gives guidance and standards on t
Conformity and Conservatism - External Auditor Report Conformity Although the user of the accounts expects the accounts to conform to general accepted accounting princi
Question 1: Auditing standards regulate the audit profession. a) Explain the importance and role of audit standards. b) Lists four of the standards issued by the INTOSAI
Provide the data regarding all about auditing of Newspaper agencies
Assets held for Sale - Audit Process A non-current asset or disposal collection is classified as held for sale whether its carrying amount will be recovered principally via a
Q. What do you understand by Yellow Book? Yellow Book - Written by GENERAL ACCOUNTABILITY OFFICE, yellow book sets forth standards to be followed in auditing FINANCIAL STATEMEN
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