the circumstances and opinion expressed by an auditor‚ where he is unable to obtain sufficient audit evidence. 2. Auditors of M/s Santa Banta (P) Ltd. were changed for the accounting year 2010-11. However there was no change in the position of closing stock which remained at ` 400 lacs . The auditors of the company propose to exclude the audit of closing stock of ` 400 lacs from their audit programme on the understanding that it pertains to the preceding year which was audited by another
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Interim An audit which conducted in between the two annual audits with a view to find out interim profits to enable the company to declare an interim dividend is known as Interim Audit. It is a kind of audit which is conducted between the two periodical or balance sheet audits. Objectives Of Interim Audit 1. To know profit or loss of interim period. 2. To distribute interim dividend. 3. To get loan on the basis of interim account. 4. To get information about the financial position
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Fundamental concepts of f/s audit Materiality misstatement of accounting information. is a matter of professional judgment Audit risk The auditor expresses an inappropriate audit opinion when the financial statements are materially misstated‚ Evidence (more than “per discussion with client) Major phrases of audit: Client acceptance/continuance; Preliminary engagement activities; Establish materiality and assess risks; Plan the audit ;Consider and audit internal control; Audit business processes and
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Q1 - What is the relationship between the risk assessment process and the collection of audit evidence? The risk assessment process happens at the very beginning of the engagement and is to determine the level of risk present in the company. The risk assessment phase is when the auditor assess the client’s situation‚ conducts an independence threat analysis and decides whether to accept the client or not. The risk assessment is influenced by various factors such as the degree to which external
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All Quiet on the Western Front: Quote Bank | Chapter | Page Number | Quote | Analysis | Chpt 1 | Pg 8 | “… But it wasn’t easy to stay out of it because at that time even our parents used the word ‘coward’ at the drop of a hat. People simply didn’t have the slightest idea of what was coming. As a matter of fact it was the poorest and simplest people who were most sensible” | * Theme: Betrayal | | Pg 9 | “ While they went on writing and making speeches‚ we saw field hospitals and men dying:
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theft. D. Expected effectiveness of controls. 13. The risk that an auditor’s procedures will lead to the conclusion that a material misstatement does not exist in an account balance when‚ in fact‚ such misstatement does exist is referred to as A. Audit risk B. Inherent risk C. Control risk D. Detection risk 14. Evidential matter concerning proper segregation of duties ordinarily is best obtained by A. Preparation of a flowchart of duties performed by available personnel. B. Inquiring whether
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The document‚ Steel of Storm‚ by Ernst Junger‚ an English lieutenant in the Great War- or WWI- tells the story of a young soldier in charge of leading other Englishmen to their potential deaths‚ all united by the goal of defeating the German soldiers and restoring peace to their European home. This piece explains why Junger believed his experience of fighting as an English soldier to be a positive one‚ what the average experience of a soldier in the trenches was like‚ as well as how the Great War
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Cat in the rain by Ernst Hemingway‚ 1925 ‘Cat in the rain’ was published in 1925 written by Ernst Hemingway (1899-1961)‚ as a part of the short story collection ‘In Our Time’. The short story is about a man named George and his wife who are vacationing in Italy. When they arrive at the hotel it is raining and the wife spots a cat sitting under a table outside the window. The wife goes downstairs to safe the cat from being wet‚ and is greeted by the hotelkeeper who reminds her that the weather is
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ACL ADMINISTRATION PAYCHECK FILE How many records are there in database? There are 147 records in the paycheck file. How many data validity errors are there in the database? There were no validity errors in the database; all records are entered into the system‚ thus makes it all valid. What are the following totals? Gross Pay (TOTAL_GROS) = 178‚831 Taxes withheld (TOTAL_TAXE) = 36‚584 Deductions withheld (TOTAL_DEDU) = 24‚947 Net Pay (NET_PAY) = 117‚292 EMPLOYEE FILE How
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assertions and audit objectives - Define management assertions and the related audit objectives - Describe management assertions related to class of transactions‚ balances and presentation and disclosures - List out and describe general transaction related audit objectives‚ balance related audit objectives and presentation and disclosure audit objectives - Understand specific audit objectives and how they are linked to general audit objectives and management assertions Topic 4 – Audit evidence
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