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Q. What do you understand by Yellow Book?
Yellow Book - Written by GENERAL ACCOUNTABILITY OFFICE, yellow book sets forth standards to be followed in auditing FINANCIAL STATEMENTS of entities which receive federal financial assistance. ‘Yellow Book' is the name given to ‘Government Auditing Standards' issued by Comptroller General of the United States that comprises standards for audits of government organizations, functions, activities andprograms and of government assistance received bynon-profit organizations, contractors and other nongovernment organizations.
Valuation of Debtors Debtors are valued simple like other assets at the lower of cost and total realisable value. Valuation of debtors is actually a consideration of where the
Forms of Evidence Observation , is mostly witnessing internal book-keeping procedures and system control. It involves attendance at wages pay out. Observation of stock-ta
Auditors Procedures During Stock Taking The main task during stock taking is to ascertain where the client's employees are carrying out their commands properly. It is particul
Financial Instruments - IAS 32 and IAS 39 IAS 39 and IAS 32 are examinable to the extent such they deal along with the presentation and measurement of equity, debt or else con
Statistical techniques Factors to be taken into consideration before adopting statistical techniques: a) The number of clients to whom it is appropriate because set up costs a
Fitri, a sole proprietor in pulic practice, plans to establish a separate department that will provide internal audit service to his audit clients.
Non-statutory Audits The non-statutory audits are performed through independent auditors sicne the owners, proprietors, trustees, members and governing and professional bodie
How to involve people in audit? Ans) Use audits as opportunities to train others. Ask for a volunteer (who is not an auditor) to walk by the audit process with you as an assista
What is an external auditor's responsibility in regard to finding fraud?
Contingencies and Provisions (i) Receive the client's schedule of provisions and seek and contingencies supporting documentation in the form of legal opinions, correspondence
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