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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.
Audit of Assets- Audit Process Non current assets have the fundamental characteristic which they are held for require in the business and not about resale. IAS 1 Presentation
auditor is a watch dog not a blood hound
Incorporated 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 a
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
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#quInternal Audit checklist for fixed assetsestion..
List the internal controls that should be in effect solely because a EDP system is employed, classifing them as (1) Those controls pertaining to input of information and (2) All ot
QUESTION: (a) The auditor should get relevant and reliable audit evidence sufficient to enable him to draw reasonable conclusions therefrom: (i) What do you understand by
The modern approach allows one audit of an auditable entity with one comprehensive report. One additional advantage is that this approach assists in staff development and retention
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