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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.
Checking consolidation papers The auditor pays particular attention to the calculation of: Goodwill arising on acquisition and consolidation Pre-acquisition and post-
Verification Procedures - Long-Term Liabilities a) Received a schedule detailing the sums due at the starting of the year, redemptions and additions and the sum due at the yea
Need of Assertions in Obtaining Audit Evidence Management is responsible for the fair presentation of financial statements which reflect the nature and operations of the entit
Action if Management Refuses to provide Representations Whether management rejects to provide a representation which the auditor considers compulsory, this constitutes a scope
The agency relationship between absentee owners and managers produce a natural conflict of interest.what does it mean?
write short note on the following; audit sampling population sample size sample unit stratification extrapulation
Statistical techniques Factors to be taken into consideration before adopting statistical techniques: a) The number of clients to whom it is appropriate because set up costs a
As a senior in a professional services firm, you have been assigned to plan the financial statement audit of a private company named Toy Local Corporation (TLC). In addition, the p
Capital allowances vs. Depreciation Whether the client can prove such they will keep the existing levels of investment in original terms, then there may be justification to ac
Relevance - Sources of evidence The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contain
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