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Statutory external audit
Merits and demerits of statutory audit
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What is the requirement of board meeting on the annual basis
Muhammad Mansoor
- Aug 8th, 2010
Minimum attendence of members must be in meeting at time.Min. attendence is according to company's article of association (AOA) its vary company to company.
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Can we claim Depreciation on second hand purchased Asset? If yes, whether it is fixed or floating?
Muhammad Mansoor
- Aug 8th, 2010
Yes, any company can charge depreciation as expense in financial statement on second handed asset, but it must be fixed asset.Thank you !
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How goodwill is calculated?
Muhammad Mansoor
- Aug 8th, 2010
Good will always calculated by externally...Internally calculated good will is?unaccepted according to?IFRS 3
shruti.daftardar
- Aug 24th, 2008
Goodwill is recognised based upon the total value of the partnership implied by the new partner's contribution.
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Which is the effective way of carrying out a stock check and usage at a lodge?
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List out effective tools for Internal Audit in Manufacturing Company?
Evybrowne
- Aug 7th, 2010
These are tools that enable Management conduct more targeted and cost-effective assessment of objectives and risks. Such as common organisational objectives, risk events that can affective the achievement of the objectives and typical controls to mmitigate the risk events.
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What is the difference between an internal audit and the annual external audit?
mohamdabdelwhab
- Feb 17th, 2010
External Audit is defined as an an audit taken on financial statements to state the financial statements are represented fairly or not. While the Internal Audit is to audit the process and system and evaluate the control over the company
jite ometan
- Jun 25th, 2008
an internal audit deals with compliance testing of established policies and is carried out in house for the firm to assist in highlighting weaknesses of controls while the external audit de...
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Who Audit the Audit Firms?
mohamdabdelwhab
- Feb 17th, 2010
The audit firm in one country is audited by global QPR team (Quality Periodic Assessment) it is kind of quality assessmnet team. The audit is conducting at least every 3 years by the international team of the same firm.
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What is meant by Single Audit process?
monac
- Oct 21st, 2009
The Single Audit's objective is to provide assurance to the US federal government as to the management and use of such funds by recipients such as states, cities, universities, and non-profit organizations.
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Tax Depreciation
For tax the requirement is to treat asset improvements as separate assets with their own life. Within Oracle is it possible to have an improvement associates with an existing asset, but for depreciation purposes run depreciation separately? For example the original asset could be #15000 and the sub-asset 15000a? If so, how do you set the up within the fixed asset module?
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What is the purpose of audit committe inside a firm & its role with external auditors?
Nishi Kanti Dey
- Jan 25th, 2009
Audit committee, a part of the Corporate Governance, which is consists of 3 non executive members of a company and this committee is necessary for public listed company, audit committee review the int...
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Materiality and Audit Report
How can you link between materiality and audit report?
Nishi Kanti Dey
- Jan 25th, 2009
There is an direct relationship between materiality and audit report, higher the materiality of an items the higher would be the audit risk which directly impact on the auditors report, keeping in vie...
edlin
- Nov 24th, 2008
Materiality is important in the issuance of audit report because materiality is one of the basis whether an audit procedure has to be done with the certain item/s in the financial statements, therefor...
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What are all the vital attributes present in an Audit Report?
edlin
- Nov 24th, 2008
The following are the vital attributes present in an audit report:-the report must be timely in order to be relevant-it must be factual or supported by concrete evidence-it must be material and significant
isha_mit
- Jul 17th, 2007
It should be based on fact,fair and on generally accepted accounting practice. It should not be based on assumptions, if any assumptions are used it should be clearly stated in the report. The report should be written in a language which is understandable to reportee.
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Where is Audit Data Stored?
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Sales Tax Question when company purchases two laptop computers
A company purchases two laptop computers for a total price of $4200. They charge a company credit card and ship the laptops to the company without charging NC Sales and Use Tax of 6.75%. How would you post this entry for the sales tax due?This is what I come up with, not sure if this correct Taxes (E) 283.50 Taxes Payable (L) 283.50
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What do you mean tax audit?
Which component is important for make this VAT audit?
aadiadit
- Sep 23rd, 2008
Tax Audit is audit done under Section 44AB of income tax act.Audit of financial statements considering tax laws
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What is Web Audit?
jite ometan
- Jun 25th, 2008
The aim of a web audit is to analyse an existing web presence in order to facilitate performance improvement creating better online technical, structural and business delivery
Audit Interview Questions
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