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The Need for an AuditIf 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 providers of funds are the shareholders, creditors, and other third parties who have given loans to the company. Those charged with the responsibility of controlling those funds are usually called directors and management. We can also clearly see that the company has resources, (assets), and claims against those resources, (Liabilities and capital.)Since the providers of funds are divorced from the control of those funds it would seem logical that the controllers should on a regular basis give a report to the providers of the funds on changes in the resources and claims. This report of the controllers or directors according to the Kenya Companies Act should be in the form of annual accounts which consist of the balance sheet and the profit and loss account. The accounting profession has extended the accounts by requiring that a Cash Flow Statement be also appended to the accounts as part of the accounts. The report of the directors in the form of accounts lacks credibility, in that: a) It may contain errors;b) It may fail to disclose frauds;c) It could be misleading inadvertently;d) It could be misleading deliberately;e) It may fail to disclose all relevant information.
WHAT ARE THE MAJOR PROBLEMS INVOLVED IN THE USE OF A PERSONAL COMPUTER BASED PC SYSTEM BY A SMALL COMPANY
Reliance on the Work of Other Auditors The principal auditor or the primary auditor is solely responsible for the holding company's accounts. So here it is inevitable but that
Explain The Difference Between Internal Audit And External Audit? Ans) The internal audit is performed to help the management. The weakness of the management is disclosed
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online exam in Auditing class. the exam will be about 2 hr. Thank you
Firm valuation refers to the total value of a firm in the capital market. It is the stock price of a firm times its outstanding shares. Total value of a firm is also called market
Question 1: What do you meant by Proactive Project Management? Define Proactive Project Management Bring out significance of Proactive Project Management with an exa
Is an audit 100% guarantee?
distinguish between early audits and modern audits
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