FINANCIAL ATTEST AUDIT MANUAL CAG PDF

Inherent Risk IR is the susceptibility of an account balance or class of transactions to misstatements that could be material, individually or when aggregated with misstatements in other balances or classes, assuming that there were no related internal control. Control Risk CR is the risk that a misstatement that could occur in an account balance or class of transactions and that could be material individually or when aggregated with misstatements in other balances or classes, will not be prevented or detected and corrected on a timely basis by the accounting and internal control systems. Detection Risk DR is the risk that an auditors substantive procedures will not detect a misstatement that exists in an account balance or class of transactions that could be material, individually or when aggregated with misstatements in other balances or classes. The evidence should be collected with reference to the general and any special objectives of audit.

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Yozshuzil Learning Objectives LO1 Financiak the current audit environment, including developments in regulatory oversight and provincial regulation of public accountants. The principal source of evidence for audit conclusions will be the records of the auditee. Log In Sign Up. Reporting materiality Reporting materiality applies at the end of the audit when all errors are evaluated and viewed in relation to their known effects on the financial statements.

D Visual evidence is highly reliable for confirming ffinancial ownership of the assets and their value. To use this website, you must agree to our Privacy Policyincluding cookie policy. Feedback Privacy Policy Feedback. The Indian economy and issues relating to planning, mobilization of resources, growth, development and employment.

Remember me on this computer. General Financial Rules Chapter 6,7,8 5. Various steps involved in SBA. Voluntary or Forced Loans. About project SlidePlayer Terms of Service. Share buttons are a little bit lower. Reviewing data to identify unusual items ; confirmation and inquiry.

The evidence should be collected with reference to the general and any special objectives of audit. Help Center Find new research papers in: Analysis of Financial Statements: The Union and State Governments follow cash based accounting while Corporations and autonomous bodies mainly follow accrual based accounting The Union and State Governments follow accrual based accounting while Corporations and autonomous bodies mainly follow cash based accounting The Union and State Governments and Corporations and autonomous bodies follow accrual based accounting The Union and State Governments and Corporations and autonomous bodies follow cash based accounting A RTI Mumbai 7 52 A B C D Ans In the context of Government Accounts in India, the key feeder systems include: Definition of Auditing The accumulation and evaluation The accumulation and evaluation Of evidence about information.

Concepts of Value and Return: Time preferences for money, present value, future value, value of annuity, Rate of Return. My presentations Profile Feedback Log out.

C Independent evidence obtained from external sources is more reliable than internal evidence. Singh, published by S. First type involves comparison of the recorded value of a component with its budgeted value. Evidence, of which the auditor has direct personal knowledge, is the most reliable evidence.

Slide 1 — schsalgebra. Indian Financial System by Sh. Planning materiality may be set at a lower level than reporting materiality It is easier to plan for errors material by nature At the planning stage, the audit team is concerned primarily with materiality by value Materiality by context is easy to assess at the planning stage D 55 Misclassification of revenue expenditure resulting in a saving in a grant when in fact there has been an excess is an example of.

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FINANCIAL ATTEST AUDIT MANUAL CAG PDF

Which of the following statements is false? Documentary evidence is more reliable than oral evidence. Evidence, of which the auditor has direct personal knowledge, is the most reliable evidence. Independent evidence obtained from external sources is more reliable than internal evidence. Visual evidence is highly reliable for confirming the ownership of the assets and their value. Which of the following statements is True?

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FINANCIAL ATTEST AUDIT MANUAL CAG PDF

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Introduction, Concepts and overview of Financial Attest Audit Manual - PowerPoint PPT Presentation

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