The internal audit charter is a formal document that defines the internal audit activity’s purpose, authority and responsibility
According to international standard on auditing 200 the auditor need to maintain his independence to undertake audit assignment. To maintain his independence audit is prohibited from undertaking management decision of the client including preparing his financial statements since this can lead to self-review threat fundamental principal of accountants code of ethics.
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Audit is an independent examination of business financial statements so as to issue opinion on whether the financial statement are prepared in accordance with acceptable financial reporting framework and show true performance and position of the business. Audit is conducted according to the requirements of countries laws and regulations and international standard on auditing. The auditor when conducting audit aim … Read the rest
A credit balance on an income and expenditure account for the club is dealt with by:
A. Adding to the accumulated fund
B. Subtracting from accumulated fund.
C. Adding to club’s bank balance
D. Showing as a prepayment in statement of financial position.
Which one of the following statements is correct as regards the order of liquidity?
A. The most permanent asset appears first.
B. The least permanent asset appears first.
C. fixed assets appear before current assets.
D. long term liabilities appear before current liabilities.
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What’s the point of accounting? If you ask an accountant that question, they may look at you like you’ve grown two heads. The real question should be, why wouldn’t we need accounting? It’s the backbone of our businesses and finances, the reason we were able to develop trade and commerce centuries ago. Without accounting, we wouldn’t have the […]Why
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Cash vs Accrual accounting. Cash accounting is when you received the cash you have to record it, and record your cash when it gets spent. You will need to use an accounting system online or use a notebook. That way you can get organized with your cash being recorded. If you have a small business […]Business 2 Lesson 25