Qualities for final accounts, Auditing

Assignment Help:

Qualities for Final Accounts

The qualities needed of the final accounts: the final accounts must possess specified qualities and these are:

a) Utilize of acceptable accounting policies, consistently applied and suitable to the business;

b) They must display the results of operations in the loss and profit account, state of affairs in the balance sheet, changes in such financial position in the statement of basis and application of funds and all other information involved in the financial statement should be compatible along with each other and along with the auditor's knowledge of the enterprise;

c) All suitable matters should be adequately disclosed and information enclosed in the accounts should be suitably presented and classified;

d) There must be compliance along with statutory requirements;

e) There must be compliance along with other relevant regulations;

f) There must be compliance along with US Accounting Standards.

The final review may reveal as:

a) All is fine or

b) Further audit evidence is compulsory i n several areas or

c) That it may be desirable to create amendments to the accounts and

d) That a qualified report may be compulsory.

The review stage is very significant in modern auditing as recent auditing opinion is moving more towards a consideration of the view provided to users through financial statements. The detail is now important however the view given must be accurate in detail and fair in entirety.


Related Discussions:- Qualities for final accounts

Case study and report, Assessment item 2 Case Study and Report Due date: 19...

Assessment item 2 Case Study and Report Due date: 19-08-2016 Length: 2000 words Task Question 1 (5%) Case: Battersby and Associates Chartered Accountants is a successful mid-t

Need for an audit, Need for an Audit Whether you take an example for a...

Need for an Audit Whether you take an example for a modern large liability company, such we can clearly differentiate between those who control those funds the providers of fu

Explain about wash sale, Q. Explain about Wash Sale? Wash Sale - A wash...

Q. Explain about Wash Sale? Wash Sale - A wash sale takes place if stock or securities are sold at a LOSS and seller acquires substantially identical stock or SECURITIES 30 day

Measures taken by the individual auditor, Measures To Be Taken By the Indiv...

Measures To Be Taken By the Individual Auditor Proper recruitment and training of all staff; Allocating staff to particular audits where they have the appropriate skills;

Online real time systems, List the internal controls that should be in effe...

List the internal controls that should be in effect solely because a EDP system is employed, classifing them as (1) Those controls pertaining to input of information and (2) All ot

Audit procedures, Explain appropriate audit procedures you would apply in v...

Explain appropriate audit procedures you would apply in verification of cheque payments.

Taxation - audit process, Taxation - Audit Process Companies suffer co...

Taxation - Audit Process Companies suffer corporation tax. The Companies Act use that corporation tax payable on the profits of any specific year should be matched against tho

Long term contracts - audit process, Long Term Contracts - Audit Process ...

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

Checking consolidation papers, Checking Consolidation Papers The audit...

Checking Consolidation Papers The auditor pays particular concentration to the calculation of: a) Goodwill arising on consolidation and acquisition b) Post-acquisition a

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd