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Principles of Auditors Procedures
i. The financial statements should be prepared on the source of conditions existing on the balance sheet date.ii. The material post balance sheet event needs changes in the amounts to be involved in the financial statements whereas:
iii. The material post balance sheet event should be disclosed whereas:
iv. So in respect of each post balance sheet event that is utilized to be disclosed under paragraph (iii) above, the subsequent information should be stated through way of notice in the financial statement:
v. Such estimate of the financial effect should be disclosed before taking account of taxation and the taxation implication should be described where essential for a appropriate understanding of the financial position.vi. The date on that financial statement is approved through the board of directors should be disclosed in financial statements.
Post Balance Sheet Events Post balance sheet events occupy a very significant place in auditing and hence there is generally a program of work which is carried out in this are
Non-Adjusting Events - Audit Process Non-adjusting events are those that are indicative of conditions such arose than the balance sheet date as a decline in the market price o
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Key Audit Areas Key audit areas in detail (a) Ascertainment of creditors and debtors: Insurance companies do not keep their personal ledgers in such a way as to prod
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