Answered: The remuneration of the External…

The remuneration of the External Auditor will be fixed by Management Ministry of Finance The previous Auditor Whoever made the appointment of the Auditor

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The External Auditors of Mutual Life Ltd. are planning to use its internal auditors' work for the audit. They have to do some checks to include the internal auditors' reporting arrangements and qualifications. The external auditors did a test of entries in the non-current assets register and the updating movements on the annual budget were done. The external auditors having satisfied themselves with the quality of work that was done by conducting the entries. Required: In addition to the above test, state other types of tests that could be used to prove the completeness of the non-current assets records, including the non-current assets register.
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