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Are there are tests of control for capital? Not capital expenditure, but share capital etc
I have made notes for substantive procedures but wondered how an auditor can investigate if controls are in place for share issues etc
There wouldn’t really be any internal controls as issuing new capital would be a really rare event. The auditor could probably look at every share capital movement ie 100% test, ensuring that each was authorised by the board and that the double entries were correctly made.
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