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Verification Procedures - Investment
Verification actions should follow the common approach outlined in favor of tangible noncurrent assets. Conversely the following particular points should be noted.
Additional Consideration - ISA 501 Audit Evidence for individual Items states such audit actions relating to long term investments simply involve considering evidence as to where the entity has the capability to continue to hold the investments on a long term basis, the matter discussing along with management and obtaining written representations to such effect.
Auditor performs analytical work only at the end of the audit. Ans: I disagree with the statement because: i) Analytical work/procedures are used to obtain an understanding o
Sufficiency - Sources of evidence The audit evidence should in total enable the auditor to form an opinion on the financial statements. Sufficiency is a measure of evidence o
Amounts Derived From Financial Statements Please note here the auditor is interested in preceding year's evidence since 1. The Companies Act states such corresponding amounts
Communication: Whenever the auditor recognizes a misstatement resultant from fraud, or a suspected fraud, or error, the auditor must consider the auditor’s duty to communicate
describe possible factors in the auditor-client relationship that can make it more difficult for the auditor to detect fruad
Relevance The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contained in the financial sta
With reference to the case study business, identify appropriate audit tests to be carried out. Prepare a statement of the work to be carried out and the manner in which it will be
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
Pension Funds - Specialized Audit Situation Pension funds are set up through companies or another organization: (a) To retired employees to administer the pension payable
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
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