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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.
Case Study: You have commenced work as a graduate auditor with a well established audit firm. The firm has a wide client base, which includes some of the largest companies in t
Communication: Whenever the auditor recognizes a misstatement resultant from fraud, or a suspected fraud, or error, the auditor must consider the auditor’s duty to communicate
should your test for unrecorded liabilities be affected by the fact that a letter is obtained in which a responsible management official certifies that to the test of his knowledge
Higher normal risk Several audit assignments involve high audit risk and usually in any client there will always be at least one high risk area. Indications that an audit has
An internal audit is one which is conduct by the internal auditors of the company. It is not mandatory for the company and the company just conducts it to keep a check on the opera
discuss the factors affecting the sufficiency of audit evidence
Benefits of Internal Audit are following: It is in-expensive. No charted accounted is needed to audit internally. Faults will be removed before preparing financial stateme
Need of Assertions in Obtaining Audit Evidence Management is responsible for the fair presentation of financial statements which reflect the nature and operations of the entit
why are the figures presented to an auditor not sufficient for absolute reliance
Business Risk Analysis Business risk can be analyzed between external and internal risks: External risks: Changing legislation (e.g. minimum wage) Changing inter
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