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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.
General phases of control evaluation are: Phase 1: Understand and document • Understand the client's internal control • Document the understanding of internal control o
Reserves - Audit Process Movements in reserves need disclosure in the balance sheet, the loss and profit account, the director's reports or in the notices to the accounts. The
Evaluation and Disposition of Misstatements, and the Effect on the Auditor’s Report: Whenever the auditor verifies that, or is not capable to conclude whether, the financial stat
Benefits of Internal Audit are following: It is in-expensive. No charted accounted is needed to audit internally. Faults will be removed before preparing financial stateme
Audit of Accounting Estimates An accounting estimate is described in ISA 540 Audit of Accounting Estimates as 'an estimation of the amount of an item in the absent of a precis
Deferred Taxation - Audit Process Deferred Taxation results from the fact such the income tax department require different rules for calculating profits from those used throug
Consultancy services
Communications to Regulatory and Enforcement Authorities The auditor’s professional responsibility to sustain the confidentiality of client information ordinarily prevents repo
oversee commission staff to ensure individuals are properly trained and monitored probable risks, controls and audit tests
For each of the following situations, describe how risk of material misstatement should be assessed and what effect the assessment will have on detection risk. (i) Johnson is a
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