acc 311 midterm solved papers by moaaz.
What is the difference between auditing and finance?
The relationship between auditing and finance. Audit and finance are closely linked but both are separate activities. Company directors they are responsible for establishing account books that will accurately record financial information and used to prepare annual financial statements. It’s the same with the directors ’job to do adopt consistent accounting policies for financial preparation and presentation statements. The financial statements must comply with the requirements of national and international law Financial Reporting Standards (IFRS).
Rational / systematic for the purpose of decision making. Provide relevant and reliable information, accountants must have a complete understanding of the principles and laws that provide the basis for that to prepare financial statements.
In the analysis of the financial statements, the concern is related to determining whether the financial statements have been presented. The correct statements (true and impartial) reflect the financial information that occurred during the accounting period time. As the auditors are very concerned about the end result of this work namely making it financially
do the statements reflect a true and positive view?
In order to reach their conclusion, the auditors must be in-depth knowledge and understanding of accounting (including applicable operating standards) and in practice, I The directors will consult with the auditors on appropriate accounting policies to be followed.
Many users of financial statements and members of the general public are confused about auditing and finances. The results of confusion because most of the research affects accounting details, and many auditors have it visual expertise in accounting matters. Confusion is compounded by the title “Chartered
Who can be an auditor?
Appointment as auditor:
a) Public Company or
b) A private company owned by a public company.
c) A private company that has paid R3 million or more.
A person must be a Chartered Accountant within the definition of a Chartered Accountants Ordinance, 1961.
For companies listed the auditor must have a satisfactory QCR rating (quality control review) issued by ICAP.