Appropriateness (of audit evidence) ?
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Remittance advice
Which international auditing standard is about use of the other expert works? ISA 620 Which international auditing standard is about use of the another auditors works? ISA 600 Principal auditor-……………….. means the auditor with responsibility for reporting on the financial statements of an entity when those financial statements include financial information of one or more components audited by another auditor. Another auditor-…………………… means an auditor, other than the principal auditor, with responsibility for reporting on the financial information of a component which is included in the financial statements audited by the principal auditor. Other auditors include affiliated firms, whether using the same name or not, and correspondents, as well as unrelated auditors. Component-………………………. means a division, branch, subsidiary, joint venture, associated company or other entity whose financial information is included in financial statements audited by the principal auditor How many types have in internal control? 3. Preventive controls, Detective controls, Corrective controls Preventive controls……………………. aim to prevent errors or fraud and include thorough documentation and authorization practices. For example, segregation of duties ensures that no one person is in a position to authorize, record, and maintain a financial transaction and its corresponding asset. Verifying expenses and authorizing invoices are preventive internal controls, as is limiting physical access to equipment, inventory, cash, and other assets Detective controls……………………….. are monitoring or backup procedures that aim to uncover events or items that preventive controls might have missed. Detective controls provide evidence that a loss has occurred but they don’t prevent a loss from happening. Reviews, analyses, and inventory are all detective controls Corrective controls…………………… are usually implemented after detective controls uncover an issue. Examples of these controls include disciplinary action, software patches or modifications, and new policies that prohibit certain practices. Internal controls include……………………… authorization, documentation, reconciliation, security, and the segregation of duties. And they are generally divided into three categories: preventive, detective, and corrective controls Which of them is current assets? (1) Cash in hand (2) Cash at Bank (3) Stock or Inventories, and (4) Book Debts or Sundry Debtors Current assets includes……………….. cash in hand, cash at bank, short-term marketable securities, short-term investments, bills receivables, sundry debtors, inventories, and prepaid expenses. Steel, copper, rubber, cotton are ? Download 33.99 Kb. Do'stlaringiz bilan baham: 
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