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Subsequent Events - Audit Process
IAS 10 Events after the Balance Sheet Date prescribes the accounting for, and disclosure of, events than the balance sheet date.
Events than the balance sheet date are those events such happen occur between the balance sheet date and the date whenever the financial statements are authorized for matter.
Events after the Balance Sheet Date might be categorized as:
An entity adjusts the amounts that are recognised in the financial statements to reflect adjusting events than the balance sheet date.
Limitation of Audit Evidence The quantity and quality of evidence is constrained through the following factors as: Absolute proof is not possible; Some assert
Assertions about classes Assertions about classes of transactions and events for the period under audit : a) Occurrence -events and transactions which have been recorde
Action if Management Refuses to provide Representations Whether management rejects to provide a representation which the auditor considers compulsory, this constitutes a scope
Disclosure Requirements - Investment In common terms, the following items have to be disclosed in the concern to all investments: (a) The accounting policies about:-
internal control procedures to be put in place when purchasing a motor vehicle
Charities and Non Governmental Organizations Key audit areas: Income: donations therefore are not easy to confirm good internal control is needed particularly o
Audit points - Audit Process Key audit points are as 1. Internal control particularly along with regard to computerisation and internal audit. 2. Provision for doubtful
should your test for unrecorded liabilities be affected by the fact that a letter is obtained in which a responsible management official certifies that to the test of his knowledge
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
What techniques used during an audit? Ans) ? Be professional at all times. Avoid being judgmental. ? Follow safety procedures, clean room procedures, and all other needed pr
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