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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.
Q. What are the different methods available for collection and analyzing audit data? Q. Describe and explain common audit findings in the fields of: a. Informed consent proce
Share Capital - Audit Process Share capital is a special type of liability and when it has been issued during the year then verification procedures are as follows: 1. Confirm
Goodwill and Fair Value The main points the auditor needs to verify for any goodwill arising in the accounting period are as follows: (i) Examine the procedure used to find
Q. If Kiner Company issues 3,000 shares of $5 par value common stock for $70,000, the account a. Paid-in Capital in Excess of Par Value will be credited for $15,000. b. Common Stoc
The Business Risk Approach to Auditing In recent years the broader concept of business risk has been developed by the larger firms. It was the subject matter of the ICAEW audit
It is a compulsory audit Completed by a CA. Finance Audit conduct by the CA to compliance the legal requirements of monitory issues.
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the availability of audit evidence is necessary but not sufficient condition for absolute reliance on the figure presented for audit
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