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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
Describe How does the internal audit differ from an external audit? Ans) Internal audit nothing but the checking the product that you formed. External audit is checking you
State four factors considered determining sufficiency of audit evidence
Problem : As per the Field Standard (INTOSAI), competent, relevant and reasonable evidence should be obtained to support the auditor judgement and conclusions regarding the org
Companies Modes of Operation Some companies (especially small ones) operate without any overtly expressed plan and simply carry out the business as always, responding to market
Permanent Audit File The permanent audit file might involve, inter alia: a) A copy of the enterprise's statutes or statutory documents and other legal governing the enterpr
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
Managements interest in the accounting system Management needs complete and accurate books of accounts because: There is no other way the business can be controlled; Rec
nature and scope
audit procedures in business combination conserning Goodwill
types of EDP accounting system and impact of EDP accounting controls
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