ACT 3900 Lecture Notes - Lecture 6: Costs In English Law, Quick Ratio, Static Web Page

36 views4 pages
25 Oct 2017
School
Department
Course
Professor

For unlimited access to Class Notes, a Class+ subscription is required.

OPENING BALANCES
in conducting an initial audit engagement, the objective of the auditor with respect to opening balances
is to obtain sufficient appropriate audit evidence about whether:
(a) Opening balances contain misstatements that materially affect the current period's financial
statements; and
(b) Appropriate accounting policies reflected in the opening balances have been consistently applied in
the current period's financial statements, or changes thereto are appropriately accounted for and
adequately presented and disclosed in accordance with the applicable financial reporting framework.
INVENTORY MATERIAL TO F/S
Attend the Physical Count
• Ealuate aageet's istutios fo eodig / otollig out esults;
• Osee pefoae of aagement's count procedures;
• Ispet the ieto ad pefo test outs;
• Reoile hages i ieto etee the out date ad peiod ed; ad
• Pefo alteatie poedues if a phsial out is ipatiale.
Confirm / Inspect Inventory Held by Others
• Reuest ofiatios as to uatities / oditio of ieto held; ad
• Pefo ispetio o othe appopiate audit poedues.
AUDITORS EXPERT
Need for an Auditor's Expert?
• Speialized ieto outes;
• Valuatios of assets, suh as land and buildings, plant and machinery, works of art, precious stones,
inventory, and complex financial instruments;
• Deteiatio of uatities o phsial oditio of assets, suh as ieals stoed i stokpiles,
underground mineral and petroleum reserves, and the remaining useful life of plant and machinery;
• Deteiatio of aouts usig speialized tehiues o ethods, suh as atuaial aluatio;
• The aalsis of ople o uusual ta opliae issues;
• The easueet of ok opleted and work to be completed on contracts in progress; and
• Legal opiios oeig itepetatios of ageeets, statutes ad egulatios.
find more resources at oneclass.com
find more resources at oneclass.com
Unlock document

This preview shows page 1 of the document.
Unlock all 4 pages and 3 million more documents.

Already have an account? Log in

Get access

Grade+
$10 USD/m
Billed $120 USD annually
Homework Help
Class Notes
Textbook Notes
40 Verified Answers
Study Guides
1 Booster Class
Class+
$8 USD/m
Billed $96 USD annually
Homework Help
Class Notes
Textbook Notes
30 Verified Answers
Study Guides
1 Booster Class