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procedures followed in conducting an auditprocedures generally followed in conducting an audit by more than one firm of accountants and the division
advantages and disadvantages of joint auditsthe general disadvantages and advantages of joint audits asadvantages1 all fees and work are welcome to
ias 28 - audit processias 28 applies in accounting for investments in associates except those held through venture capital organisations or mutual
ias 27 - audit processias 27 applies to the presentation and preparation of consolidated financial statements for a group of entities within the
matters of audit processanother matter to be covered as1 accounting policies these should be uniform all over the group and should be properly
reliance on the work of other auditorsthe principal auditor or the primary auditor is solely responsible for the holding companys accounts so here it
checking consolidation papersthe auditor pays particular concentration to the calculation ofa goodwill arising on consolidation and acquisitionb
audit work on the holding companywe will focus on the verification of investments in subsidiary companies1 get a schedule that should contain the
audit of group accountsthe main problems can be split into three sections in this area as1 the audit of the holding company confirming and obtaining
audit of holding companies and group accountsauthoritative documents are as the companies act cap 486 ias 27 ias 28 ias 31 ifrs 3 isa 600 requiring
co-operative societies and parastatalsco-operative societiesan audit in this case is carried out as a general audit except you should notice that the
necessity of accountant the accountant is not necessaryto expand his enquiries beyond the information enclosed in the relevant documents as
role of accountantthe accountants roleevery year a lawyer who such handles clients money is used to created to the law society of us a report through
advocates - specialized audit situationthe statutory provisions regulating the handling of clients monies are covered in the advocates actreason of
pension funds - specialized audit situationpension funds are set up through companies or another organizationa to retired employees to administer
control problems in charities1 door to door collections volunteers should be mattered along with numbered boxes the boxes should be sealed and the
charities and non governmental organizationskey audit areas income donations therefore are not easy to confirm good internal control is needed
cash and window dressing - building societycashpossibility of misappropriation and error usually accompany the handling of cash building societies
key audit areas - building society1 the auditor must examine the process for checking deeds on receipt from the lawyers to ensure such they are
deposits and share - building societyshares may make of subscription shares and paid up shares interest on shares might be credited to ensure
examination of deedsmake sure that the mortgage is in the name shown in the advance recordsthat there is a document of title to the property within
building societies - specialized audit situationbuilding societies are organisations that exist to offer a savings and investment intermediate to the
key audit areaskey audit areas in detaila ascertainment of creditors and debtors insurance companies do not keep their personal ledgers in such
insurance companiesauthoritative documents involved asthe insurance act the companies actifrs 4 insurance contractsthe major legislation governing
incorporated banks under companies actbanks are incorporated under the companies act like any other business but are granted special privileges under