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Motor Vehicles - Audit Process
Similar considerations govern the audit of motor vehicles as to those relating to machinery and plant. The simply matter of consideration now is ownership and existence. Motor vehicles to be mobile may not be obtainable for the auditor to physically check whenever he pays his visit. Concerned evidence can suffice to prove existence for example however we own the motor vehicle we expect that whether it is being required it will incur costs like as insurance, fuel, maintenance and repairs. The chassis and engine numbers may be checked against the log book to make sure which it is the same vehicle such we are looking on as clients have been recognized to change the registration number plates from a vehicle to another.
Beneficial Ownership
Make sure that the log book is in your client's identification.
Problem: "If the auditor wishes to place reliance on internal control,he should ascertain and evaluate those controls and perform compliance tests on their operation" (a) De
Auditors Procedures - Disclosure and Presentation 1) Ascertain that what steps the client uses to identify suppliers, selling on terms that reserve title by enquiry of those c
Co-operative Societies and Parastatals Co-operative Societies An audit in this case is carried out as a general audit except you should notice that the auditor is appoi
You are the partner in charge of the audit of Drugs4U Ltd, a company which develops, manufactures and sells to the a trade market a wide range of drugs which promote healthy living
Assertions about disclosure Assertions about disclosure and presentation : a) Rights and Occurrence and obligations -disclosed transactions and events and other issues
The Need for an Audit If you take an example of a modern large liability company, we can clearly distinguish between the providers of funds and those who control those funds. The
Requirements of the Companies Act Here the seventh schedule to the Companies Act gives the matters which must be expressly stated in the AUDITOR'S REPORT 1. Where they have
Reserves - Audit Process Movements in reserves need disclosure in the balance sheet, the loss and profit account, the director's reports or in the notices to the accounts. The
concept,need,advantage
auditor is a watch dog not a blood hound
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