Settlement of Audit Objections

amount of known misstatement is documented in working papers

estimates of the total likely misstatement is less than materiality level

estimated of the total likely misstatement is more than materiality level

estimates of the total likely misstatement cannot be made

Prior year’s errors

The auditor’s remuneration

Adjusted interim financial statements

Prior year’s financial statements

the memorandum of association and articles of association

the share transfer register

the issue of debenture

none of the above

Efficiency and effectiveness of operations

Controls related to the reliability of financial reporting

Controls over classes of transactions

Auditors are equally concern with each of the given issues

Maintaining personnel records and approving changing in wages rates

Proposing pay roll summary and disbursement of wages

Making salary statements and filing tax returns

Comparing time clock records with time reports prepared by supervisors and preparing list of workers employed along with the units of production for each one of them

Associated companies of the entity

Accounting systems, records and documents

Non-financial data and records

Management representation and discussion

Depreciation charges are insufficient

Policy of sale or disposal of fixed assets needs to be reviewed

The sale of assets have not been properly authorized

Accounting errors

To defines the auditor responsibilities clearly

To minimize misunderstandings between the client and auditors

To educate the client

To help the auditor in preparing audit report

Use of testing (Sampling)

Interest limitations of accounting and internal control

Remuneration of the auditor

Persuasive nature of audit evidence

It is conducted at regular interval

It may be carried out on daily basis

It is needed when the organisation has a good internal control system

It is expensive