Day: January 8, 2022

The Companies’ Act Cap 486 and the Auditing Guideline give the auditor some specific duty regarding the content of the auditors’ report. If certain information is not given in accounts and the financial statements, then this information need to be Read More …

The companies’ Act Cap 486 in the sixth schedule and section 147 requires that the auditor should state whether in his / her opinion the accounts: Give a true and fair view Complies with the Companies’ Act Cap 486 and Read More …

Introduction The auditor’ report is the final product of the audit work. It is usually very short but very important to the enterprise concerned. The auditors’ reports should not by any chance be under – estimated. Most auditors’ reports are Read More …

Various classifications of evidence are presented in this section together with relative reliability of each type of evidence and the factors that affect the reliability. These types are discussed here below Primary Evidence The source of the figures in the Read More …

Introduction The main objective of auditing is the verification of accounting data besides determining the accuracy and reliability of the accounting and financial statements and reports of any business enterprise. Verification does not exactly mean that there is certainty in Read More …

The main objective of any audit is definitely the audit report to the client. The audit report is a formal statement showing the following: The name of the auditor who performed the audit work The name of the persons to Read More …

At the end of the detail audit work after systems testing and substantive testing has been complete, the auditor needs to have the audit evidence that: Proper books and records have been kept and form a reliable basis for preparation Read More …

Substantive testing is defined in auditing standards as “Those tests of transactions and balances, and other procedures such as analytical review, which seek to provide audit evidence as to the completeness, accuracy and validity of the information contained in the Read More …

The auditor is required to: Ascertain Record Corroborate the record Review Test Evaluate and Form a conclusion on the adequacy of the client’s internal control system The internal control system consists of procedures that ensure that all the transactions, resources Read More …

The auditor must: Ascertain by asking questions Record on paper Corroborate his record and confirm that the record is correct. Review for adequacy and of planning of tests. Test to determine that it always works as it is supposed to. Read More …