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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 stock records. Conversely, definite instructions preferably in writing would be issued in all cases for the guidance of those who will be engaged in the actual stock taking. The stock taking instructions should as a bare minimum contain:
a) Recognition of their ownership and the articles.
b) Counting, weighing or measuring.
c) Reporting of stocks such are damaged or otherwise defective.
d) How the stock take is to be recorded.
Beneficial Ownership - Audit Process We have to examine documents of title as e.g. title motor vehicles, deeds and log books. Whether there are no implied ownership can suffi
Timing of Tests of Control - AUDITOR should perform tests of controls over a period of time which is adequate to determine whether, as of the date specified in management's report,
Audit of Holding Companies and Group Accounts Authoritative documents are as: The Companies Act Cap 486 IAS 27 IAS 28 IAS 31 IFRS 3 ISA 600 r
IAS 40 Investment Properties Audit work common to all kinds of land and building will be used to establish ownership, existence and price. IAS 40 requires such companies may a
Checking consolidation papers The auditor pays particular attention to the calculation of: Goodwill arising on acquisition and consolidation Pre-acquisition and post-
Business Risk Approach This approach requires the auditor to determine what are the very important business risks which the client faces. This line of approach both helps the c
You are just appointed as the Trainee Accountant of the Compaq Computing Sdn Bhd - the newly established company. The manager is facing difficulties in maintaining the manual accou
list of assets
i need an assignment for auditing with word count of 1750
What is business risk and what controls should organizations have in place? Business Risk and Controls Business or operational risks related to the activities carried out
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