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Ownership and Existence - Verification Procedures
Establishment of title and beneficial ownership of investments is not convincingly possible. Conversely, evidence is obtainable in the form of as:
(i) Share certificates, correspondence along with nominee etc
(ii) Payments for brokers, securities, 'contract notes' or ' bought notes'
(iii) Dividends or else interest from 'warrants', dividends, securities.
(iv) Internal under control procedures.
Limitation of Audit Evidence The quantity and quality of evidence is constrained through the following factors as: Absolute proof is not possible; Some assert
Case Study: Hide-It (HI), a family-owned business based in Tombstone, Arizona builds custom homes with special features, such as hidden rooms and hidden wall safes. Hide-It has
Audit Function The audit functions as follows as: 1. To verify the estimation of timing differences; 2. To ensure such permanent differences have not been got into accou
Audit of Group Accounts The main problems can be split into three sections in this area as: 1. The audit of the holding company confirming and obtaining information concern
Q. Explain about Wash Sale? Wash Sale - A wash sale takes place if stock or securities are sold at a LOSS and seller acquires substantially identical stock or SECURITIES 30 day
factors that influence auditors judgement on sufficiency of audit evidence
Types of audits As far we have tended to think in state of the audit of limited companies, and certainly, the emphasis during this text will be on that companies incorporated
Business Risk Analysis Business risk can be analyzed between external and internal risks: External risks: Changing legislation (e.g. minimum wage) Changing inter
Documentation of Representations by Management The auditor would ordinarily involve in audit working papers evidence of management's representations in form of a summary of or
distinguish between early audits and modern audits
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