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Verification Procedures - Long-Term Liabilities
a) Received a schedule detailing the sums due at the starting of the year, redemptions and additions and the sum due at the year finish.b) Photocopy and note the terms and conditions of the loan as evidenced in the action.c) Agree the opening balances along with last year's working papers and accounts.d) Whether any new loans have been obtained, vouch to board minutes, articles and v, register of debenture holders and charges etc.e) Repayments made should be vouched with debenture deeds, the cash book and the register of debenture charges and holders.f) Interest payments should be vouched along with debenture actions, cash books and several outstanding amounts should be accurately accounted in favour of.g) Whether the loans are secured, confirm such the charge is registered at the registrar of Companies.h) Agree net amounts outstanding along with the register of debenture holders.i) Ensure disclosure is in accordance along with Companies Acts requirements, clearly stating the date of redemption of the debentures.
Objectivity - External Auditor Report Many accounting figures are subjective and contain substantial terms of subjective judgment. Many more business transactions have financ
1. On 5 August 2012, the financial controller informed you that the board has recently received a letter from the assistant general manager, Mr. Tan. The letter contains a confessi
Verification Procedures - Long-Term Liabilities a) Received a schedule detailing the sums due at the starting of the year, redemptions and additions and the sum due at the yea
Dealings with Directors and Other Parties - Sundry Debtors and Loans Dealings along with directors and other related parties: The auditor's duties are follows as: i. The revi
Share and deposits Shares may consist of subscription shares and paid up shares. Interest on shares might be credited to the accounts rather than being paid to ensure proper co
Develop a list of tasks the auditor should perform in planning this audit engagement, before any audit testing begins. Handbook section CAS 315 lists management assertions embod
what is edp auditing?
Principles of Auditors Procedures i. The financial statements should be prepared on the source of conditions existing on the balance sheet date. ii. The material post balance
what are the benefit of audit and its limitations
Pending Litigation - Audit Process Since of the inherent uncertainty, in calculating the outcome of legal actions so this is an especially difficult area for the auditor. Seve
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