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What are Objectives Of Internal Audit?
Ans) The purpose of internal audit is to remain proper control over business activities. When there is proper control there is maximum efficiency. The internal auditor explains the degrees of control over work. The purpose of internal audit is to calculate the accounting system. It is concerned with checking proper authority for transactions like purchase, retirement and disposal of fixed assets. The vouchers can be compared with entries in order to verify that figures are facts.
General phases of control evaluation are: Phase 1: Understand and document • Understand the client's internal control • Document the understanding of internal control o
why are the figures presented to an auditor not sufficient for absolute reliance
Sundry Debtors and Loans Sundry debtors and loans are not generally material assets of companies another than those companies whose business is to create loans. We shall cons
Long Term Contracts - Audit Process The authoritative document with reference to long term contracts is IAS 11: Construction Contracts and IAS 18: Revenue Recognition, and ISA
Using the 30 September 2011 trial balance (appendix to this case study) calculate planning materiality and include the justification for the basis that you have used for your calcu
Dealings with Directors and Other Parties - Sundry Debtors and Loans Dealings along with directors and other related parties: The auditor's duties are follows as: i. The revi
Cash and Window Dressing - Building Society Cash Possibility of misappropriation and error usually accompany the handling of cash. Building societies transactions towards
Building Societies - Specialized Audit Situation Building Societies are organisations that exist to offer a savings and investment intermediate to the public and to lend to pe
Definition of Auditing According to International Standard on Auditing (ISA) objective and common principles governing an audit of financial statements, the purpose of a financ
Examine consignment agreement s and contracts
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