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+--- Thread: Some Queries..... (/showthread.php?tid=4681)
Some Queries..... - wk_pk - 08-09-2007
Assalam O Alaikum...dear friends
Please guide me what are the answers to following questions
1- When reporting on a cash flow forecast, explain the term "negative assurance" and why it is used?
2- What is the diff b/w negative n positive assurance?
3- explain the purpose of three 'Es' in relation to a value for money audit?
looking forward for a positive reply soon.
regards.
Waqas Kodvavi
- shsaeed - 08-09-2007
Assurance
1- The act of assuring.
2- A statement or indication that inspires confidence; a guarantee
or pledge gave her assurance that the plan would succeed.
3- Freedom from doubt; certainty set sail in the assurance of
favorable winds.
Negative Assurance
Method used by the Certified Public Accountant to assure various parties, such as bankers and stockbrokers, that financial data under review by them is correct. Negative assurance tells the data user that nothing has come to the CPA's attention of an adverse nature or character regarding the financial data reviewed. This type of assurance is normally given to investment bankers and the SEC when the financial data are being used for stock and bond issuance. In addition, this assurance is given whenever a CPA is asked to comment on financial statements upon which a previous Audit Opinion has been rendered. (This type of assurance is unacceptable for the basic financial statements on which a certifying audit has been performed.)
Three Es For Business Profit Means
Great Communication Leads To Great Results
The three Es revolve all around the communication
Three Es Means
* Exact
* Efficient
* Electronic
- wk_pk - 08-10-2007
Thanx a lot...
but i want to know that u hav told abt business profit..is it same for value for money audit?
and one more question...
List atleast six audit procedures to specifically address the enhanced risk of completeness of revenue duly mentioning the risk addressed by each of such procedures?
Thanx for ur cooperation..
- wk_pk - 08-10-2007
Q- While reviewing the published financial statements of a listed co audited by you, it was found that a note to the fin statements as contained in the signed copy available in ur working paper is missing. the amount involved in the note was not material.
Discuss the auditor's responsibility in such case?
- shsaeed - 08-31-2007
In case of three E's for business profit i know only about that.
because i am not a auditor , i have just qualified B.Com.
and now get admit in CA(foundation).