Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Procedures in computing the work of the expert
The auditor must obtain reasonable assurance that the expert's work constitutes appropriate audit evidence in support of the financial information. He should thus consider the source data used and whether it is suitable in the circumstances, the assumptions and technique used and their consistency with prior periods and the results of the expert's work in the light of the auditor's overall knowledge of the business and the results of his other audit procedures. He should satisfy himself that the substance of the expert's finding is properly reflected in the financial information. How appropriate, reasonable the assumptions and methods used are and how they have been applied is the expert's responsibility. The auditor does not have the same expertise so he cannot always challenge the expert's assumptions and methods. Although the auditor is not an expert on the expert's field of speciality, the auditor must be able to determine what is reasonable and what is not. Hence he should acquire an understanding of the assumptions and the techniques to determine that they are reasonable. There are times when the work of the expert does not support the associated representations in the financial statements then the auditor must attempt to solve the inconsistency by holding discussions with the client and the expert. He might need to engage another expert in solving the inconsistency.
Stock Taking - Audit Process The procedures for carrying out physical stock taking vary in detail according to the circumstances and size of the business and the life of its
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
Plant and Machinery - Valuation and Authorization Valuation Valuation is at depreciated historic costs. Auditor's duty is to make sure that the accounting policy for dep
what is the role of audit trainee in managing the discrete assignment?
You have been appointed as an Internal Auditor in an organisation . As part of your duties, you are required to provide training to the staff in the internal audit division. Your f
Presentation and Disclosure - Audit Process Specific presentation involves presentation in accordance along with the suitable IFRS/IAS or International Accounting Standards.
B. The following situations involve a possible violation of the MIA ByLaws (on professional ethics, conduct and practice). For each situation, (1) decide whether or not the Code ha
Verification Procedures - Investment Verification actions should follow the common approach outlined in favor of tangible noncurrent assets. Conversely the following particula
Techniques of Obtaining Evidence ISA 500 mentions them as such: Inspection of documents or records, Inspection of tangible assets, Observation, Inq
Brand Names - Audit Process Few companies in current years have placed valuations on the brand names of the goods such they sell. On the balance sheet the valuation is shown.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd