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permanent audit filethe permanent audit file might involve inter aliaa a copy of the enterprises statutes or statutory documents and other legal
contents of working papers - auditthe isa 230 no3 stresses which audit working papers may always be adequately complete and detailed to enable an
recording the audit - isa 230purpose of working papersit is necessary which all audit work is documented - the working papers are the tangible
seek out transactions with related parties within the course of the audit the auditor carries out process that may identify the existence of
recognize the related partiesthe auditor should review information provided through the management and directors recognize the names of all
auditors responsibilities with regard to related partiesisa 550 related parties states which the auditor should perform audit process designed to
types of transaction - related partyfundamentally two types of transactions which arise between a related party and a company asa it is usual for
necessity of transactions with related partiestransactions along with related parties are essential for several reasonsa several financial scandals
importance of related party transactionswhenever the existence of about transactions and parties among such parties are considered ordinary features
party disclosures used by ias 24ias 24 utilized the following related party disclosures that1 nature of relationships between subsidiaries and
related party transactionsrelated party transactions-a transfer of obligations or resources among related parties regardless of whereas a price is
related parties - audit evidenceias 24 prescribes the disclosures essential to the possibility to draw attention which the financial position and
factors affecting statistical techniquefactors to be taken into concern before adopting statistical techniques asa the number of clients to whom it
statistical sampling - advantagesa it is defensible and scientificb it gives a precise mathematical statement for probabilities of to be correctc
advantage and disadvantage of judgmental samplingthe advantages of judgment sampling the approach is understood as well and has been refined through
judgmental samplingjudgment sampling is where the auditor using his own experience and knowledge of the clients business and circumstances selects
audit samplingisa 530 audit sampling and other selective testing procedures defines audit sampling is the application of a compliance or substantive
action if management refuses to provide representationswhether management rejects to provide a representation which the auditor considers compulsory
basic elements of a management representation letterwhenever requesting a management representation letter such the auditor would request which it be
documentation of representations by managementthe auditor would ordinarily involve in audit working papers evidence of managements representations in
classification of management representationsthe thing to note is which during the course of the audit the auditor obtains various representations
management representations as a source of audit evidenceinternational standard on auditing as abbreviated isa 580 management representations gives
reference to an expert in the auditors reportwhen issuing an unmodified auditors report the auditor should not refer to the work of the expert
procedures in evaluating the work of expertthe auditor must get reasonable assurance which the experts work constitutes suitable audit evidence in
communication with expertwhether the auditor intends to utilize the work of an expert then he must communicate along with the expert well in advance