• Auditing is an independent examination of company accounts and expression of an opinion whether they contain a true and fair view of company’s state of affairs. Financial Accounting is the recording, classifying and summarizing events of an economic entity in order to assist management in decision making.
• While auditing is conducted once in a financial period and usually at the end, financial accounting is a continuous process throughout the financial period of a company.
• Auditing is governed by ISA while Financial Accounting is guided by GAAPs.
Wilfykil answered the question on April 11, 2019 at 06:26
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Which are the disadvantages of auditing?
Date posted:
April 11, 2019
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April 11, 2019
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March 13, 2019
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March 13, 2019
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March 7, 2019
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Briefly explain how an auditor verifies the following items in a computerized system.
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Date posted:
February 23, 2019
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The computerization of business operations has posed many challenges to the auditor.
Explain the difficulties experienced by an auditor in each of the following situations:
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The computerization of business operations has posed many challenges to the auditor.
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Date posted:
February 23, 2019
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Explain the steps an auditor should take if he concludes that the client has made a departure from an accounting standard in the preparation of...
(Solved)
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Date posted:
February 23, 2019
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(Solved)
Summarise the principal contents of a statement of directors‘ responsibilities to be included in financial statements
Date posted:
February 23, 2019
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Outline the audit procedures an audit firm should follow in the verification of a manufacturing company‘s liabilities.
(Solved)
Outline the audit procedures an audit firm should follow in the verification of a manufacturing company‘s liabilities.
Date posted:
February 23, 2019
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Your audit firm, Kimani and Associates has been contracted by the government to audit the procurement system followed by the government.
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Your audit firm, Kimani and Associates has been contracted by the government to audit the procurement system followed by the government.
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Date posted:
February 23, 2019
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(Solved)
Your audit senior has assigned you the responsibility of auditing the stock of your client, XYZ Supermarket Ltd. for the year ending 31 December 2005. The company‘s stock take is carried out once a year in the month of November simultaneously for all the retail outlets.
Required:
a) State the audit assurances you would seek to obtain in the audit of stock.
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Date posted:
February 23, 2019
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Answers (1)
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(Solved)
Explain two reasons why an auditor should consider materiality when selecting a sample size.
Date posted:
February 23, 2019
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Answers (1)
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Identify the cases where an auditor is required to conduct a complete check of all the transactions and balances of a business
(Solved)
Identify the cases where an auditor is required to conduct a complete check of all the transactions and balances of a business
Date posted:
February 23, 2019
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Answers (1)
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Explain the reasons why an auditor is not required to carry out a complete check of all the transactions and balances of a business
(Solved)
Explain the reasons why an auditor is not required to carry out a complete check of all the transactions and balances of a business
Date posted:
February 23, 2019
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Answers (1)
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Briefly explain how the auditor can use each of the following methods of sample selection when carrying out his audit assignment
(Solved)
Briefly explain how the auditor can use each of the following methods of sample selection when carrying out his audit assignment
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Date posted:
February 23, 2019
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Answers (1)
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Highlight the possible defences available to an auditor in a court of law who has been sued for failure to detect fraud in client‘s company
(Solved)
Highlight the possible defences available to an auditor in a court of law who has been sued for failure to detect fraud in client‘s company
Date posted:
February 23, 2019
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Answers (1)