Audit Strategies

Type of visit Since it has not been informed through the knowledge provided, it is fancied that the thirty is focus to a normal statutory audit t present are no audit exemptions available. Also the fiscal statements been provided are prepared under international pecuniary describe standard hence they are assumed to be accurate, entirely and understandability. International standards on auditing utilize The audit of go away be carried come to the fore under the International standards on auditing. Some of these standards are equivalent ISA 320 Audit Materiality, ISA 400, Risk assessment and internal control as well as ISA 530 Auditing sampling. Overview of Kibaha has stores for its inventory at ten contrasting locations in which the locations and relevant offices are not mentioned specifically from the information provided. Key dates for audit Key dates in audit time prorogue are as follows;- * Interim audit * Final audit * Audit stave planning or briefing meetings * Meeting with directors * Approval of financial statements * Issue of audit report Specifics dates are to be confirmed and listed unwrap but there is not adequate information in this question to allow confirmation.

Overview of audit approach The industry under which XXX is trading is said to be grown by 7% during the last year. XXXs sales increase is 12% indicating that the company continues to perform well with the industry. Due to change in accounting inventory system the year end procedures will be carried out to all locations and not like it was usaged to. The overall audit approach will be to use tests of control where possible. However, the fall in gross profit indicates that sales may be understated or Cost of gross revenue (COS) overstated, so additional substantive procedures may be ask in this area. Materiality Materiality will initially be array by different ranges at different levels. These levels and ranges percentages are shown here below * ½ - 1% of... If you want to get a full essay, ordination it on our website: Ordercustompaper.com

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