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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.
Planning for Stock taking Stock taking should be planned well in carried out and advance carefully and systematically through persons fully informed of the duties involved. Th
For each of the following situations, describe how risk of material misstatement should be assessed and what effect the assessment will have on detection risk. (i) Johnson is a
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
Audit of Accounting Estimates An accounting estimate is described in ISA 540 Audit of Accounting Estimates as 'an estimation of the amount of an item in the absent of a precis
Skills and Objectivity of Expert The skills and competence of the expe rt Whether planning to require the work of an expert, so the auditor should assess the professiona
RELEVANCE OF IAS / IFRS TO AUDITING The auditors should involve in their report that their view on whether the financial statements they report are true and fair view. It is comm
if a proxy is voted as per his judgement other than member prescribed to him... what is the action to be taken?
Techniques of Obtaining Evidence ISA 500 mentions them as such: Inspection of documents or records, Inspection of tangible assets, Observation, Inq
General Verification Procedures - Audit Process 1. Get or prepare a schedule for each and every class of liability. Usually this would indicate the makeup of the liability a
Stock Taking - Audit Process The procedures for carrying out physical stock taking vary in detail according to the circumstances and size of the business and the life of its
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