Audit Procedures and related parties

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This topic contains 5 replies, has 2 voices, and was last updated by Avatar of MikeLittle MikeLittle 1 year, 6 months ago. This post has been viewed 28 times

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    bubacarr26
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    What is it meant by nature, timing and extent of procedures?

    What is the difference between audit strategy and audit plan?

    Why do entities carry transactions near or after year end?


    Avatar of MikeLittle
    MikeLittle
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    What to do, when to do it and how much to do?

    Strategy is “to do enough work on risk areas so we can justifiably express an opinion on true and fair”

    Plan is “how do we achieve that strategy”

    Not sure I understand what is meant by “carrying transactions” Help me here, please!


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    bubacarr26
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    Carry transaction

    Undertake transactions ie sales or make payments.

    I asked the question because you are advise to look out for these when checking related parties.


    Avatar of MikeLittle
    MikeLittle
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    Bubba – I have to admit that “carry transactions” is not a term with which I am familiar. Have you seen it in writing or is it something you’ve heard?


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    bubacarr26
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    What I meant was transactions in general per say sales, purchases or make payments.


    Avatar of MikeLittle
    MikeLittle
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    And your question is “Why do entities carry transactions near or after year end?”

    I have still no idea what you are asking. Companies will be entering transactions ( sales, purchases, payments made, payments received ) pretty much every day of the year. Why do they do it near the year end? Because they’re in business!

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