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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.
Q. What is Transferred Basis? Transferred Basis - A transferred basis is the foundation of property in the hands of a transferor, donor or GRANTOR. In this sense a prior owner'
the availability of audit evidence is necessary but not sufficient condition for absolute reliance on the figure presented for audit
Is an audit 100% guarantee?
Measures To Be Taken By the Individual Auditor Proper recruitment and training of all staff; Allocating staff to particular audits where they have the appropriate skills;
Consultancy services
Non-Attendance at Stock Takes Whether the auditor is unable to attend a stock take, since he has numerous clients along with the same accounting date, or stock is situate at r
Pension Funds - Specialized Audit Situation Pension funds are set up through companies or another organization: (a) To retired employees to administer the pension payable
Sufficiency of audit evidence The audit evidence should in total enable the auditor to form an opinion on the financial statements. Sufficiency is a measurement of the quantity
#quInternal Audit checklist for fixed assetsestion..
if a proxy is voted as per his judgement other than member prescribed to him... what is the action to be taken?
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