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Efficient Auditing of Private Companies

The expert auditing team at SWATUK

Book MYR188.00 (No SST)

Efficient Auditing of Private Companies gives you practical guidance on how to comply with ISA's without blowing your budget. It enables you to carry out audits in an efficient and cost-effective manner. The process is outlined and explained in three parts - Planning; Implementation; and Completion.

Key features:
- Offers practical guidance on how to deal effectively with the audit of private companies
- Enable readers to carry out audits in an efficient and cost-effective manner
- Addresses many issues and challenges faced in the audit of private companies
– Clear division of content into three core process of performing an efficient and effective audit
- Supports easy application as examples of model audit files are included to help firms with the auditing process

Topics covered:
1. PART I - PLANNING
- Introduction
- Acceptance procedures
- The correspondence and permanent files
- Accounting systems, processes and controls
- Preliminary analytical procedures
- Assessing risk
- Audit team planning meeting
- Determining the audit approach
- Assessing materiality
- Other planning issues
- Bringing it all together

2. PART II - IMPLEMENTATION
- Introduction
- Audit evidence
- Sampling and error evaluation
- Procedures affecting all audit sections
- Substantive analytical procedures
- Intangible fixed assets
- Tangible fixed assets
- Investments in group and associated undertakings and other investments
Stock
- Long-term contracts
- Debtors and prepayments
- Bank and cash
- Creditors and accruals
- Long-term loans and deferred income
- Provisions for liabilities and charges, contingent liabilities and financial commitments
- Defined benefit pension
- Capital, reserves and statutory records
- Taxation
- Profit and loss account: income
- Profit and loss account: expenditure
- Profit and loss account: wages, salaries and other remuneration
- Profit and loss account: other
- Related party transactions
- Subsequent events and going concern
- Value added tax
- Consolidation and groups
- Cash flow statements
- Audit financial statements prepared under IFRS

3. PART III - COMPLETION
- Introduction
- Preparing the file for interview
- Reports to management
- Letters of representation
- Drafting the audit report
- Reviewing the file
- Final completion and planning for next year

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