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The Accounting System
ISA 400 Risk Assessment and Internal Control accounting system are the sequence of tasks and records of an entity by which transactions are procedure as a means of sustaining financial records. These systems specify, assemble, analyze, compute, categorize, record, sum up and report transactions and other events.
ISA 400 Risk Assessments and Internal Controls define that the auditor must acquire an understanding of the accounting and internal control systems enough to plan the audit and build up an effective audit approach. The auditor must use professional judgment to assess audit risk and to design audit processes to make sure it is decreased to an adequately low level.
The Companies Act Cap 486: places a duty upon the auditor in organizing his report to take out investigations which will allow him form an opinion on the financial statements in accordance with the seventh schedule to the Companies Act Cap 486
The purpose of the accounting system is to make sure that all transactions are entirely and precisely processed and recorded and that the resultant accounting entries are valid.
Audit of Group Accounts The main problems can be split into three sections in this area as: 1. The audit of the holding company confirming and obtaining information concern
Experts as a source of Audit Evidence Mostly the auditor's work on evidence obtained from along within the entity supported through confirmations from third parties will provi
challenges facing sasini company"s audited statements
Advantages and Disadvantages of Joint Audits The general disadvantages and advantages of joint audits as: Advantages 1. All fees and work are welcome to audit firms. 2. A
Permanent Audit File The permanent audit file might include, inter alia: a) A copy of the enterprise's statutes and other legal or statutory documents governing the enterpri
Auditors Responsibilities with regard to related parties ISA 550 Related Parties states which the auditor should perform audit process designed to find sufficient suitable
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
QUESTION 1: Part A When planning a financial statement audit, an audit manager must understand audit risk as well as its components. The firm of Jack and Jackie calculates
Issues in Audit of Intangible Assets The two key issues in such audit of intangible assets are: (a) Recognition of intangible assets The audit problem here is to mak
Bank - Cash and Bank Balances The major concern in this area is to establish the existence of the balances and more currently due to failures in some financial institutions in
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