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Party Disclosures used by IAS 24
IAS 24 utilized the following related party disclosures that
1. Nature of relationships between subsidiaries and parents, even whether there were no transactions among those related parties;
2. The identification of the entity's parent and, the ultimate, whether different controlling party;
3. Compensation of main key management personnel;
4. Whether there have been transactions among related parties, the nature of the information and relationship for the outstanding and transactions balances along with related parties. Such disclosures are made separately for one of the following classes: entities along with joint control or the parent; significant influence above the entity; associates; subsidiaries; joint ventures whether the entity is a venture; and other related parties and key management personnel.
What is business risk and what controls should organizations have in place? Business Risk and Controls Business or operational risks related to the activities carried out
Q. Which of the following represents the largest number of common shares? a. Treasury shares b. Issued shares c. Authorized shares d. Outstanding shares
What techniques used during an audit? Ans) ? Be professional at all times. Avoid being judgmental. ? Follow safety procedures, clean room procedures, and all other needed pr
Auditors Responsibilities with regard to related parties ISA 550 Related Parties states which the auditor should perform audit process designed to find sufficient suitable
Disclosure and Presentation - Audit Process IAS 16 provides exclusive disclosure requirements. Fixed assets should be split into appropriate classes and the following shoul
Benefits of Internal Audit are following: It is in-expensive. No charted accounted is needed to audit internally. Faults will be removed before preparing financial stateme
distinguish between early audits and modern audits
Auditors use various tools to document their understanding of an entity's internal control system, including narrative descriptions, internal control questionnaires, and flowcharts
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Communication: Whenever the auditor recognizes a misstatement resultant from fraud, or a suspected fraud, or error, the auditor must consider the auditor’s duty to communicate
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