Before accepting a new client, a chartered accountant firm in practice shall determine whether the acceptance would create any threats to compliance with the fundamental principles. This means that when accepting to take on a new client, the proper investigation should be donein this regarding also its owners and business activities toensure the integrity of…
Tag: audit services
Inventory Process Audit
Receipt of Material & Quality Checks Review of the gate entry for the incoming material in the inward gate register. Ensure that the weighment / Counting of the incoming material is made properly and correctly at the receiving section. Verify that stamp / acknowledgement of the receipt of the incoming material. The remark should indicate…
Impairment of Assets
In this dynamic business environment, the real market value of the assets that a business presents in its financial statements does not stay intact. The market value of the assets might be different as compared to their carrying amount. If there are some indications about the permanent downside in the market value of the assets…
Key Audit Matters
With the purpose of enhancing the communicative value of auditor’s report by offering better transparency about audit and providing additional information to the users of financial statements, for the first time, audit reports of listed companies for the Financial year 2018-19 will contain a Key Audit Matters (KAM) as per Standard on Auditing (SA) 701….
