LeAccountant
ISA 250 distinguishes the auditor’s responsibilities in relation to compliance with two different categories of laws and regulations as follows; The provisions of those laws and regulations generally recognized to have a direct effect on the determination of material amounts and disclosures in the financial statements such as tax and pension laws and regulations; and […]
Audit Documentation Audit documentation – definition The record of audit procedures performed, relevant audit evidence obtained, and conclusions the auditor reached (terms such as “working papers” or “work papers” are also sometimes used). ISA 230 Scope ISA 230 deals with the auditor’s responsibility to prepare audit documentation for an audit of financial statements. Effective Date […]
Quality Control for an Audit of Financials ISA 220 Scope ISA 220 deals with the specific responsibilities of the auditor regarding quality control procedures for an audit of financial statements. It also addresses, where applicable, the responsibilities of the engagement quality control reviewer. This ISA is to be read in conjunction with relevant ethical requirements. […]
Agreeing the Terms of Audit Engagements ISA 210 Definitions Preconditions for an audit – definition The use by management of an acceptable financial reporting framework in the preparation of the financial statements and the agreement of management and, where appropriate, those charged with governance to the premise on which an audit is conducted. ISA 210 […]
Starting up as a proprietorship One owner Easy to form less capital available less regulations to follow taxed as owner income limited amount of capital, issue in raising capital life of business same as life of owner Doing Partnership with Others Risk and reward shared by more than one person Partner can be a limited […]