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Process to Adopt Liabilities
It is significant that the auditor realises which such liabilities can exist and he should obtain reasonable steps to unearth them whether they exist. The process to adopt includes:
1) Enquiry of other knowledgeable officers and the directors;2) Representation in an appropriate letter of representation from the directors;3) Minutes of meetings where such the existence of unrecorded liabilities may be mention;4) Post-balance sheet events review including the inspection of purchase invoices and payments after date.5) Reviewing last year's working papers to verify whether any liabilities existing after then have been excluded.6) Being constantly attentive to the possibility of that a liability. For example, where such the client sells goods matter to warranty time this would attentive the auditor at once of outstanding commitments.
Fleet Bhd operates a chain of high street retail outlets selling clothing and household items. In 1995, this company was heading for a financial loss and was deemed to have lost st
Common stock valuation 1. Features of common stock (You may review common stock learned from TCA 221) a. Residual claim on income and assets (after debt holders and preferre
#what are the procedures of conducting audit for the first time#
RELEVANCE OF IAS / IFRS TO AUDITING The auditors should involve in their report that their view on whether the financial statements they report are true and fair view. It is comm
Statistical techniques Factors to be taken into consideration before adopting statistical techniques: a) The number of clients to whom it is appropriate because set up costs a
Problem: (a) Your client has sought your advise on the procedures to be adopted for carrying out the stocktaking which is based on a year-end count. You are required to prepa
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
Summary of IAS 2 Inventories are measured at the lower of cost and net realizable value. Entire realizable price is the calculated selling price in the regular course of busin
Mr. Howe, a Junior Partner of the CPA firm Dewey, Cheatem, & Howe (DCH), after noting that there is a proposal to limit Auditor liability is very excited and has announced that th
What is public interest score. What is
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