private audit, Auditing

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main areas contained in a private audit

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Valuation - Detailed Audit of Stock IAS 2 prescribes such stock be priced at the lower of price and net realizable price, It is up to the auditor to ensure that net realizable

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Attempts at definition of the 'true and fair' view There following quotations represent authoritative views on the meaning of true and fair view. A true and fair view impli

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How to involve people in audit? Ans) Use audits as opportunities to train others. Ask for a volunteer (who is not an auditor) to walk by the audit process with you as an assista

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For each of the following situations, describe how risk of material misstatement should be assessed and what effect the assessment will have on detection risk. (i) Johnson is a

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Statutory Audit is a mandatory audit done by a CA. Finance Audit is conducted by the CA to compliance the legal supplies of monitory issues. If the audit for a business or an orga

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Sufficiency - Sources of evidence The audit evidence should in total enable the auditor to form an opinion on the financial statements.  Sufficiency is a measure of evidence o

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