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In order to keep professional ethic, it cannot reveal to third parties without client consent unless limited specified situations mentioned in ISA 230 Documentation and required by law, the examples are court order, for public interest and so on. The forms of documentation may be flowchart, manual, narrative note, checklist, or questionnaire.
The working papers are the property of the accounting firm conducting the audit. These papers are formally referred to as audit documentation or sometimes as the audit file. The documents serve as proof of audit procedures performed, evidence obtained and the conclusion or opinion the auditor reached.
ISA 230 Audit Documentation is one of the International Standards on Auditing.It serves to direct the documentation of audit working papers in order to assist the audit planning and performance; the supervision and review of the audit work; and the recording of audit evidence resulting from the audit work in order to support the auditor's opinion.
Accounting by Lease Brokers full-text: superseded by FASB Technical Bulletin 86-2 1980 June 30: Accounting in Consolidation for Issuances of a Subsidiary Stock full-text: 1980 July 15: Accounting for the Inability to Fully Recover the Carrying Amounts of Long Lived Assets full-text: superseded by FASB Statement No. 121 1980 August 13
For example, reliability of internal control procedures, and analytical review systems. In the control testing stage, audit evidence is used by the auditor to consider the mix of audit test of controls and audit substantive tests. [ 9 ]
For example, $225K would be understood to mean $225,000, and $3.6K would be understood to mean $3,600. Multiple K's are not commonly used to represent larger numbers. In other words, it would look odd to use $1.2KK to represent $1,200,000. Ke – Is used as an abbreviation for Cost of Equity (COE).
Generally Accepted Accounting Principles (GAAP) [a] is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC), [1] and is the default accounting standard used by companies based in the United States.
Examples of common financial accounts are sales, accounts [1] receivable, mortgages, loans, PP&E, common stock, sales, services, wages and payroll. A chart of accounts provides a listing of all financial accounts used by particular business, organization, or government agency.