Category: Practice Questions
Systems flow chart provide a representation of accounting systems in the form of a diagram. For each type of transaction, they show the documents generated, the processes applied to the …
External Confirmation: Confirmation of an amount or other information shown in the client’s records by an independent third party provides a reliable evidence of the existence of the amount and correctness …
List the important matters that are required to be included in an audit engagement letter. Ans. Key Components of Audit engagement letter: The objective and scope of the audit of …
Internal Audit vs External Audit List the important differences between internal audit and external audit with respect to the following: (i) Independence (ii) Objectives (iii) Reporting Important differences between Internal Audit …
What are Subsequent Events? Definition: Events favorable or unfavorable occurred between the end of the reporting period and the date when financial statements are authorized for issue are called Subsequent Events. Types …