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Valuation and Income - Verification Procedures
Valuation
Valuation of listed securities is easily conformed along with suitable financial publications. Directors' valuation of unlisted safeties is something on that the auditor's report, and the basis of the estimation, must hence be examined. The auditor must seems where any write downs for impairment in value are adequate also, that may because examining copies of accounts of companies whether investments are held.
Income
Income from securities can be demonstrated along with known interest rates for fixed interest securities, and a share information and knowledge service for listed shares. Unlisted share income should be demonstrated along with copies of the accounts.
Judgmental Sampling Judgment sampling is where the auditor using his own experience and knowledge of the client's business and circumstances selects the sample to be tested wi
Counter - Indications That the auditor has found indications of going related to non-applicability does not of itself justify instantly conclusion that the entity is not a goi
Existence - Audit Process In the case of tangible assets existence is confirmed through the auditor visually, considering the asset examining and concerned its condition. Thi
Assertions about classes Assertions about classes of transactions and events for the period under audit : a) Occurrence -events and transactions which have been recorde
Necessity of Accountant The accountant is not necessary To expand his enquiries beyond the information enclosed in the relevant documents as supplemented through such e
An audit team is currently engaged in planning the audit of the financial statements of E Limited as at 30 June 2011. This was the first accounting period during which all the tran
Q. Explain about Wash Sale? Wash Sale - A wash sale takes place if stock or securities are sold at a LOSS and seller acquires substantially identical stock or SECURITIES 30 day
Ask question #MA. Evaluate the strengths and weaknesses of preview Company''s control environment B. What factors in Preview company''s control environment have led to and facilit
Auditor's Duties - Audit of Current Assets The auditor's duties can be summarized as follows: a) The accounting ascertaining policies adopted through the entity for pri
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
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