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THE AUDIT EVIDENCE PROCESS: TESTS OF CONTROL

THE AUDIT EVIDENCE PROCESS: TESTS OF CONTROL CHAPTER OBJECTIVE 1. THE CONCEPT OF AUDIT EVIDENCE 2. THE CHARACTERISTICS OF GOOD AUDIT EVIDENCE 3. SUFFICIENT , APPROPRIATE EVIDENCE 4. AUDIT TESTING PROCEDURES ……………………………………………………………………………………………… 1. THE CONCEPT OF AUDIT EVIDENCE Audit evidence can be defined in simple terms as any piece of information which assists the auditor to reach conclusion on the

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AUDIT SAMPLING

AUDIT -SAMPLING CHAPTER OBJECTIVE 1. AUDIT SAMPLING 2. SAMPLE SIZE 3. SAMPLE SELECTION 4. STATISTICAL AND NON-STATISTICAL SAMPLING 1. AUDIT SAMPLING Definition: Audit sampling as the application of audit procedures to less than 100% of the items (in population) with an account balance or class of transactions. Using Sampling in Auditing: Sampling is normally appropriate for areas in which there

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AUDIT VERIFICATION- GENERAL PRINCIPLES

AUDIT VERIFICATION- GENERAL PRINCIPLES CHAPTER OBJECTIVE 1. AUDIT VERIFICATION TECHNIQUES 2. AUDIT OBJECTIVES AND FINANCIAL STATEMENT ASSERTION 3. ACCOUNTING ESTIMATES ……………………………………………………………………………………. 1. AUDIT VERIFICATION TECHNIQUES In verification work, the auditor will use substantive testing procedures to give evidence relating to the figures in the financial statements. Audit-testing procedures available to the auditor are: Inspection: Physical review or examination of records,

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AUDIT VERIFICATION -INVENTORY

AUDIT VERIFICATION -INVENTORY CHAPTER OBJECTIVE 1. INVETNORY VALUATION 2. INVENTORY COUNT 3. THE AUDITOR’S WORK ON INVENTORY VALUATION ……………………………………………………………………………………………………….. 1.  INVENTORY VALUATION Definition: The term inventory includes raw materials, bought in parts, work-in-progress and finished goods. Inventory Valuation: IAS2 inventory requires individual inventories to be measured at the lower of cost and net realisable value. Inventory valuation methods such as

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AUDIT VERIFICATION – NON-CURRENT ASSETS

AUDIT VERIFICATION – NON-CURRENT ASSETS CHAPTER OBJECTIVE 1. NON-CURRENT ASSETS 2. COST OR VALUATION 3. LEASE AND NON-DEPRECIATION OF NON-CURRENT ASSETS 4. VERIFICATION PROCEDURE 1. NON-CURRENT ASSETS Non-current assets are those assets which are held for continuing use in the business and are not intended for resale. Non-current assets can be analysed as follows. 1. Intangible- have no physical existence. E.g.

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AUDIT VERIFICATION – LIABILITIES

AUDIT VERIFICATION – LIABILITIES CHAPTER OBJECTIVE 1. LIABILITIES 2. TRADE PAYABLES –SUBSTANTIVE PROCEDURE 3. OVERDRAFTS AND LONG-TERM BANK LOANS 4. ACCRUALS 5. CONTINGENT LIABILITIES 1. LIABILITIES  Amounts falling due within one year ( current liabilities) must be shown separately in the financial statements from amounts falling due after more than one year ( non-current liabilities) for each item.  Liabilities

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COMPUTERS IN AUDIT

COMPUTERS IN AUDIT CHAPTER OBJECTIVE 1. THE USE OF COMPUTERS IN MANAGING THE AUDIT 2. INTERNAL CONTROL IN COMPUTER-BASED SYSTEMS 3. COMPUTRER-ASSISTED AUDIT TECHNIQUES (CAATs) 1. THE USE OF COMPUTERS IN MANAGING THE AUDIT Auditors now often use portable, laptop computers to assist in the management and performance of the audit and to complete the audit work. This has significantly

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AUDIT-THE FINAL REVIEW STAGE

AUDIT- THE FINAL REVIEW STAGE CHAPTER OBJECTIVE 1. THE OVERALL REVIEW OF THE FINANCIAL STATEMENTS 2. THE GOING CONCERN REVIEW 3. SUBSEQUENT EVENTS 4. THE WRITTEN REPRESENTATIONS LETTER 5. THE MANAGEMENT LETTER 1. THE OVERALL REVIEW OF THE FINANCIAL STATEMENTS Before the audit report can be signed, the audit work needs to be reviewed. The elements of this overall review

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THE AUDIT REPORT

THE AUDIT REPORT LEARNING OBJECTIVES 1. FORMAL AUDIT REPORT 2. THE UNMODIFIED AUDIT REPORT 3. THE MODIFIED AUDIT REPORT 4. EMPHASIS OF MATTER PARAGRAPH 1. FORMAL AUDIT REPORT  Title: Independent Auditor’s Report  Addressee: entity  Introductory Paragraph: Financial statements  Management’s Responsibility for the Financial Statements: preparation of F/S with IFRS and free from material misstatement whether due

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