Agricultural loan. Agricultural loans are available for a multitude of farming purposes. Farmers may apply for loans to buy inputs for the cultivation of food grain crops as well as for horticulture‚ aquaculture‚ animal husbandry‚ floriculture and sericulture businesses. There are also special loans to finance the purchase of agricultural machinery such as tractors‚ harvesters and trucks. Construction of biogas plants and irrigation systems as well as the purchase of agricultural land may also be
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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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Audit Objectives: a. Determining that cash on hand as shown in the general ledger is represented by currency and coins on hand. b. Determining ownership and proper accountabilities c. Ascertaining that cash balances are available without restrictions. Audit Procedures: a. Examination of cash proof sheets and tracing of their totals to the general ledger b. Test tracing of deposit or withdrawal slips to individual subsidiary ledgers and vice
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How to Conduct Tax Audit – Part 1 Analysis of Certain Clauses Audit under Section 44AB of the Income Tax Act By Raman Jokhakar‚ Chartered Accountant Objective To understand the purposes of this Form To learn nuances of the clauses To understand audit risk To effectively carry out attestation To document adequately To disclose standard notes‚ limitations and stands To know inter links between clauses To be aware of important stands taken by Courts To understand the objective of the
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Standards Introduction Self-regulated: the standards governing audits were established by members of the profession themselves Sarbanes-Oxley Acct of 2002 Created: Public Company Accounting Oversight Board (PCAOB) to provide external and independent oversight over the audits of public entities Responsible for registering public accounting firms‚ establishing standards for audit engagements‚ and inspecting the quality of audits conducted by public accounting firms ****Generally Accepted Auditing
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1 Chapter 7: Audit Evidence I. Definition: Evidence – information used by the auditor to draw conclusions on the fair presentation of the financial statements. Audit objectives suggest the types of evidence to accumulate. II. Decisions on evidence accumulation A. Which audit procedures to use. General Objectives: Six TRAOs Eight BRAOs Four PDAOs Accounting Cycles: Five Management Assertions Specific Objectives: At least: Six TRAOs Eight BRAOs Four PDAOs Audit Procedures: At least one
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I. Statement of the Problem Lincoln national bank had large loan losses in 1980’s‚ Mr. Vigil‚ the CFO didn’t want to repeat the mistakes LNB had in the past and want to create precautionary measures and avert future risks. II. Objectives of the problem The objective is to help LNB review its past performance to avoid future problems and also to help the bank maximize shareholder’s wealth. III. Areas of consideration a. One area that needs to be considered is Credit risk or the potential
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CHAPTER 20 Audit of Cash Balances Copyright 2003 Pearson Education Canada Inc. 20 - 1 What are the auditor’s primary concerns with regard to cash? Copyright 2003 Pearson Education Canada Inc. 20 - 2 What are the auditor’s primary concerns with regard to cash? - existence Copyright 2003 Pearson Education Canada Inc. 20 - 3 What are the auditor’s primary concerns with regard to cash? - existence - completeness Copyright 2003 Pearson Education Canada Inc
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company’s history‚ vision statement‚ products and services‚ management practices‚ financial statements‚ and the company application of the loan proceeds. Tootsie Roll Industries‚ Inc. also outlines how the company plans to repay this loan‚ which can help persuade the loan officer to approve the funding. Ratio analysis‚ justification for the loan and how the loan will be applied are important aspects reviewed in this report. Ratios Ratios are used by organizations to compare financial information
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Question 5 Atlanta Home Loan – control failure Date: October 29‚ 2013 To: Mr. Al Fiorini Founder of Atlanta Home Loan (“AHL”) From: PT Consultant Subject: Strategies and the Importance of Setting-up Controls for Your Business Thank you for providing the background information of your company. Based on the information provided‚ there appears to be deficiencies in the control systems implemented within the operation. These control deficiencies were one of the main causes that allowed
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