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In order for auditor to perform audit as per GAAS, only programming independence is required from the audit client.
Ans: Yes I agree with the statement as:Programming independence essentially protects the auditor's ability to select the most appropriate strategy when conducting an audit. In the preliminary evaluation of internal control, auditor documents internal control systems of the audit client. Auditor has only one method- narrative- for providing the overview of the internal control systems.
Ans: Other procedures may also be performed where the information to be obtained there from may be helpful in identifying risks of material misstatement. Examples of such procedures include:
• Internal Control Questionnaire (ICQ), and:
• Accounting and control system flowcharts.
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
Q. If Kiner Company issues 3,000 shares of $5 par value common stock for $70,000, the account a. Paid-in Capital in Excess of Par Value will be credited for $15,000. b. Common Stoc
Q. Explain the Single Audit Act? Single Audit Act - Single Audit Act of 1984 and Single Audit Act Amendments of 1996 establish requirements for audits of states, non-profit org
what is tolerable error?
Long Term Contracts - Audit Process The authoritative document with reference to long term contracts is IAS 11: Construction Contracts and IAS 18: Revenue Recognition, and ISA
You are auditing Pell grant provided to students at six state universities. The Pell grant program is a federal financial aid program for college students. The maximum grant a stud
Existence of Debtors - Audit Process The easiest technique to establish the existence of a debtor is to enquire the debtor if he exists. This is done through use of a practice
Preferred stock valuation 1. Features of preferred stock (You may review what you've learned about preferred stock from TCA 221): a. Multiple classes in terms of convertibil
Case Study: You have commenced work as a graduate auditor with a well established audit firm. The firm has a wide client base, which includes some of the largest companies in t
Valuation - Auditing Process IAS 16 requires that all assets for use through the business have been valued on the basis of depreciated historic costs along with one exception.
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