Verification of liabilities - audit process, Auditing

Assignment Help:

Verification of Liabilities - Audit Process

Usually speaking, the auditor's duty along with regard to liabilities can be summarised follows as:

1. To confirm the existence of each liabilities shown in balance sheet.

2. To confirm the correctness of the money amount of that liabilities. Because is they are all completely accounted for and correctly valued.

3. To confirm such the description provided to the liabilities in the accounts is suitable and the disclosure is sufficient.

4. To ensure that all existing liabilities in fact occurred and have been correctly included in the accounts.


Related Discussions:- Verification of liabilities - audit process

Need of assertions in obtaining audit evidence, Need of Assertions in Obtai...

Need of Assertions in Obtaining Audit Evidence Management is responsible for the fair presentation of financial statements which reflect the nature and operations of the entit

Cash and window dressing - building society, Cash and Window Dressing - Bui...

Cash and Window Dressing - Building Society Cash Possibility of misappropriation and error usually accompany the handling of cash. Building societies transactions towards

Audit procedures -research and development , Audit Procedures -Research and...

Audit Procedures -Research and Development The auditor should ensure that: a) Any costs incurred in the buy of fixed assets in order to give facilities for development and

Audits and inspections, Q. What are the different methods available for col...

Q. What are the different methods available for collection and analyzing audit data? Q. Describe and explain common audit findings in the fields of: a. Informed consent proce

ACL PROGRAME, I have some questions in ACL PROGRAME . IF YOU CAN HELP ME

I have some questions in ACL PROGRAME . IF YOU CAN HELP ME

Auditing case study, #Fortex Limited, the meat processing firm, was formed ...

#Fortex Limited, the meat processing firm, was formed in 1985 from three smaller companies. In 1993, however, after a few years of spectacular growth, the company collapsed. a) S

Code of ethics for auditor, Fitri, a sole proprietor in pulic practice, pla...

Fitri, a sole proprietor in pulic practice, plans to establish a separate department that will provide internal audit service to his audit clients.

Evaluation of audit evidence, Question: "The planning, testing, and eva...

Question: "The planning, testing, and evaluation of audit evidence for indicia of fraud are unlikely to be successful without that attitude, particularly because fraud is a cri

Explain the single audit act, Q. Explain the Single Audit Act? Single A...

Q. Explain the Single Audit Act? Single Audit Act - Single Audit Act of 1984 and Single Audit Act Amendments of 1996 establish requirements for audits of states, non-profit org

Joint audit, Advantages and disadvantages

Advantages and disadvantages

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd