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Selection of a Sample - Audit Process
The following accounts must be involved in debtor's circularisation:1) Large balances since they are large and the moreover you can substantiate of the debtors figure, the more assured you are.2) All unpaid accounts since there may be fictitious balances designed to conceal defalcations or there may be a specific dispute both of that can reason overstatement.3) Accounts along with round sum payments: this may show lading and teeming or such the debtor cannot pay the full amount.4 ) Accounts along with NIL balances: this is since of active debtors by the year may be used to conceal window dressing methods.5) Credit balances: therefore a sales system should produce debit balances, if it Create credit balances; they require to be investigated to ensure about such they were properly set up. The client may be reluctant to permit you to advise his customers of credit balances in case they have been overlooked and the customer now enquires for payment. We resolve that objections through omitting the balance figure from the circular.6) Accounts wherever credits or discounts seem excessive or where credit durations are continuously exceeded without follow up.7) Other accounts which must be considered for circularisation are: accounts not composed of specific items, small balances which are usually large, accounts along with related parties and accounts that the auditor feels put him upon query.
Non-Attendance at Stock Takes Whether the auditor is unable to attend a stock take, since he has numerous clients along with the same accounting date, or stock is situate at r
1. Why is studying Auditing different from studying other accounting topics? 2. How might understanding auditing concepts prove useful for consultants, business managers, and other
As an auditor, how would you react to the following situation? The company produced photocopies of fixed deposit receipts as the original receipts were kept in the iron safe of the
Question : (a) Describe the following terms: 1) Forensic Accounting; 2) Forensic Investigation; 3) Forensic Auditing. (b) Explain the basic elements to consider for
Sundry Debtors and Loans Sundry debtors and loans are not generally material assets of companies another than those companies whose business is to create loans. We shall cons
IAS 36 Impairment of Assets It is very necessary for the auditor to determine the client's method for determining and accounting for impairments. Corresponding IAS 36, 'impai
Write a paper (may be real or fictional) involving Accounting and business moral dilemmas. The paper should be 13 pages (double spaced) in accordance with APA guidelines. more des
Part A: What are the five inter-related components of internal control? Briefly discuss them. Part B: A file maintained by the Accounts Department for one of Sharp's s
Requirements of the Companies Act Here the seventh schedule to the Companies Act gives the matters which must be expressly stated in the AUDITOR'S REPORT 1. Where they have
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