Answered: Explain what accounting documents you…

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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Question

Explain what accounting documents you must supply to the auditors. What are the statutory audit requirements of the Auditors

Expert Solution

Step 1

The auditor is responsible for the identification of the fraud and errors present in the financial statement of the company. The auditor would require the following documents:

1. TRIAL BALANCE

2. LAST YEAR SIGNED FINANCIAL STATEMENT

3. COPY OF COMPUTATION OF INCOME OF LAST YEAR

4. SHAREHOLDING PATTERN

5. FIXED ASSETS REGISTER

6. INVOICE OF ADDITION TO FIXED ASSETS

7. INVOICE OF SALE OF FIXED ASSETS and so on.

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