Settlement of Audit Objections

Compliance audit

Operational audit

Technology audit

Financial audit

Existence and ownership

Valuation and disclosure

Possession and ownership

Completeness and valuation

Expression of opinion

Detection and Prevention of fraud and error

Both (a) and (b)

Depends on the type of audit

accounting controls

control environment

control procedures

supervision

Extent of tests of controls

Level of detection risk

Extent of tests of details

Level of inherent risk

Sample should be drawn from population

Every strata of population should be represented in the sample

Every item in the population has an equal chance

Items should be selected at ‘n’ the interval

board of directors

managing director

general meeting

central government

To prevent fraud in the company affairs

To provide reasonable assurance that the company’s objectives will be achieved

To catch all errors that may occur in the company

To aid in the effective auditing of the company

Availability of audit assistants with necessary skill and competence

Provision of other services to the client which may impair independence

Predecessor auditor’s advice as to whether audit fees were paid promptly

Review of audit work done by one partner by the other

Ascertain the profit and preparation of P/L Account, Balance sheet

Detection and prevention of frauds and errors

Give a true and fair view of financial amount.

To submits the accounts to the Government