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- Consider materiality. If the matter could not be material in the context of the accounts then take no further action, but if material, appropriate action must be taken. Again if he matter is material, perform appropriate additional tests.
- If it appears that irregularities have occurred and may be material, then consider the effects on the financial statements and ensure that these have been prepared with such adjustments and amendments as may be required.
- If further investigation is required and the accounts cannot be delayed, then the auditor‘s report may have to be qualified for uncertainty.
- In the event where errors or irregularities have occurred, ensure that top management is aware of such events.
- Any weakness in the system of accounting and internal control which may give or have given rise to error or irregularity should be fully discussed with and reported to top management.
Wilfykil answered the question on February 22, 2019 at 13:14
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Date posted: February 22, 2019. Answers (1)
- List the procedures you would follow to verify the following items:
(i) Petty cash balance.
(ii) Revaluation reserve.
(iii) Copyrights(Solved)
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(i) Petty cash balance.
(ii) Revaluation reserve.
(iii) Copyrights
Date posted: February 22, 2019. Answers (1)
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Cash in hand and cash at bank are commonly referred to as liquid assets. Because of this liquidity, these assets represent the most vulnerable of all the assets of an entity. You have recently been employed by Korir and Associates (Certified Public
– Accountants) as an audit assistant. During your first audit assignment at Viwanda Ltd you have been allocated the audit of cash in hand and cash at bank.
Required
(i) State and explain any the audit procedures you would undertake in order to determine whether or not there has been any misappropriation of cash.
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Date posted: February 22, 2019. Answers (1)
- The auditor should prepare working papers which are sufficiently complete and detailed to provide an overall understanding of the audit.(Solved)
The auditor should prepare working papers which are sufficiently complete and detailed to provide an overall understanding of the audit.
Required:
(a) State four benefits that an auditor would obtain from working papers that satisfy the above requirement.
(b) List five items of information you would expect to be contained in a permanent audit file and explain why each of these items of information should be readily available.
(c) In the audit or purchases, list four examples of the type of information that would be contained in the detailed audit working papers.
(d) Give any two reasons why a director should examine the directors‘ minute book
Date posted: February 22, 2019. Answers (1)
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Date posted: February 22, 2019. Answers (1)
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Date posted: February 22, 2019. Answers (1)
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Date posted: February 22, 2019. Answers (1)
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Date posted: February 22, 2019. Answers (1)
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Date posted: February 22, 2019. Answers (1)
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Date posted: February 22, 2019. Answers (1)
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Date posted: February 22, 2019. Answers (1)
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Date posted: February 22, 2019. Answers (1)
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Date posted: February 22, 2019. Answers (1)
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Date posted: February 22, 2019. Answers (1)
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(i) Except for opinion.
(ii) Disclaimer of opinion(Solved)
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(ii) Disclaimer of opinion
Date posted: February 22, 2019. Answers (1)
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Identify and briefly explain any three procedures for obtaining audit evidence.
Date posted: February 22, 2019. Answers (1)
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Date posted: February 22, 2019. Answers (1)
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Date posted: February 22, 2019. Answers (1)
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State and control objectives generally associated with the processing of data in a computerized accounting environment.‘
Date posted: February 22, 2019. Answers (1)
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Date posted: February 22, 2019. Answers (1)