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Types of audits
As far we have tended to think in state of the audit of limited companies, and certainly, the emphasis during this text will be on that companies incorporated below the Companies Act 1962, not least since this category of audit situation is at the heart of the wide majority of auditing examination questions. Conversely it may be convenient at this level to briefly indicate the major classes of audit such are undertaken in practice.
Two types of Audit
Questionable Payments In some countries, business is often gained by bribing ministers or public officials or officers of companies or firms with whom one wishes to do business
Checking Consolidation Papers The auditor pays particular concentration to the calculation of: a) Goodwill arising on consolidation and acquisition b) Post-acquisition a
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
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
The agency relationship between absentee owners and managers produce a natural conflict of interest.what does it mean?
Higher normal risk Several audit assignments involve high audit risk and usually in any client there will always be at least one high risk area. Indications that an audit has
auditor is a watch dog not a blood hound
Examine consignment agreement s and contracts
techniques of vouching
What is audit planning
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