Day: February 19, 2021

SAMPLING ISA 530 states that when designing audit procedures, the auditor should determine appropriate means for selecting items for testing so as to gather sufficient appropriate audit evidence to meet the objectives of the audit procedures.  Auditors do not examine Read More …

ASSERTIONS Auditors need evidence to support the financial statement assertions.   By approving the financial statements, the directors are making representations about the information therein.  In other words they are making certain assertions about the figures and disclosures contained within the Read More …

INTERNAL CONTROL – ASSESSING CONTROL RISK AND TESTS OF CONTROLS INTERNAL CONTROL Definition and components ISA 315 defines internal control as the process designed and implemented by those charged with governance to provide reasonable assurance about the achievement of the Read More …

AUDIT PLANNING AND SUPERVISION AUDIT PLANNING ISA 300 planning an audit of financial statements establishes standards and guidance on the considerations and activities applicable to planning an audit. The auditor should: Plan the audit so that the engagement will be Read More …

AUDITOR’S LEGAL, ETHICAL & PROFESSIONAL RESPONSIBILITIES  PART  2 AUDITOR’S RESPONSIBILITY IN RELATION TO FRAUD AND FOR THE ENTITIES COMPLIANCE WITH LAWS AND REGULATIONS Fraud An auditor’s main concern in an audit is the risk of a material misstatement in the Read More …

AUDITOR’S LEGAL, ETHICAL & PROFESSIONAL RESPONSIBILITIES PART 1 PROFESSIONAL AND ETHICAL RESPONSIBILTIES ISA 200 sets out the general principles of an audit.  The auditor should comply with the code of ethics for professional accountants issued by the International Federation of Read More …

THE AUDITOR AND THE AUDIT ENVIRONMENT The Statutory Audit The Companies Acts depending on the applicable jurisdiction shall require that the majority of all companies must have an audit carried out.  An exemption exists for small companies depending on the Read More …

INTRODUCTION There has been a huge growth in information that is available today in all aspects of business.  The use of the internet has made access to information relatively easy and more and more information is been required in all Read More …