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sir when is GRN is prepared? after receiving supplier’s delivery note or before?
why is it necessary to raise GRN? we have received GDN from supplier so isn’t it enough for us?
sir are review and inspect used only for files, reports, certificates or also for other works apart from paper work.
eg. inventory count, inventory movements,ordering goods etc.
any other works apart from paper works
sir in safeguards for threats, it is usually said ” separate engagement team should be involved for this particular service’ . so does it mean separate audit team of same audit firm is providing service?
like in taxation service, as a safeguard it is said where services are provided separate teams must be used. is that separate team from same audit firm? if yes, then has audit firm right to provide such services?
I forgot to edit that heading 😀
yes sir I have watched the lectures but somewhere between I can not catch your accent .
”It would make sense for the long-term average level of working capital to be financed from long-term borrowing” this is what I was confused about.. regarding short term activities i am cleared .
sir working capital means CA-CL. so that ”long term average of working capital” means what?
sir, in fashion out clothes there is normally lower of NRV. so what would be the risk for those types of industries? I came across with the words ”overvaluation of inventory” .. but how?
what is that 15/2 means? 😀
sir do we need to understand the concept of ”post-year end cash receipts” for this paper? because i don’t know have even a slight knowledge on this topic. is it mandatory to know where it belongs in financial statements?
If we have applied for loan let’s say $50m and we did there is uncertainty of receiving loan. so there is risk that business would not continue in going concern basis. what should be the auditor response for this risk and how would we account for that risk and response in financial statements?
I understood the case Donohue V stevenson but above example messed me up .. 🙁 this example was from kaplan.
In Spartan steel and Alloys ltd V Martin and Co ltd, I could not get the point why the profits lost due to the factory not being operational for 15 hrs not recovered?
the given reason is, black out can happen anytime anywhere so it’s a pure economic loss.but in above case black out was the result of negligence of contractors . isn’t it consequential economic loss?
I am really not getting idea on pure economic loss and consequential economic loss
no…….. so it means, if no contact,then damage one property is pure economic loss?
1. to be able to achieve full compensation, the injured party must have been in a position to complete
their obligation at the date the contract was due to start.sir I m bit confused. In case of Mihalis angelos, why did not other party sue ship owner for breach of contract first ? because ship owner breached the contract isn’t it?
2 In breach of contract, i could not get this point.
”.Remoteness – only awarded if the damage suffered should have been in the reasonable
contemplation of the ordinary man”