PROCEDURES FOR AUDITING TRANSACTIONS III – LIABILITY VERIFICATION

1.0 INTRODUCTION In general terms, liabilities refer to obligations that result from past transactions to pay for assets or rendering of services. Liabilities can be classified into two major groups as follows:  Current liabilities – liabilities or debts that are payable within a short period of time, usually, within one year; Long-term liabilities – liabilities…

Read more

AUDIT REPORTS

1.0 INTRODUCTION The Companies and Allied Matters Act (CAMA) of 1990 and the Fourth Standard of reporting provide that an auditor should report on the financial statements under examination to show if those statements present a true and fair view of the financial position of the firm. If the firm’s financial statements do not present…

Read more

AUDIT REPORTS

1.0 INTRODUCTION The Companies and Allied Matters Act (CAMA) of 1990 and the Fourth Standard of reporting provide that an auditor should report on the financial statements under examination to show if those statements present a true and fair view of the financial position of the firm. If the firm’s financial statements do not present…

Read more

INTRODUCING COOPERATIVE AUDITING

1.0 INTRODUCTION Cooperatives today, play a prominent role in different economies, and although cooperation is a voluntary movement of the public at large, there has been considerable state participation in the development of cooperative movement in many countries. Mahatma Gandhi had envisaged that the cooperative movement is a tool for eradication of poverty when he…

Read more

INTRODUCING COOPERATIVE AUDITING

1.0 INTRODUCTION Cooperatives today, play a prominent role in different economies, and although cooperation is a voluntary movement of the public at large, there has been considerable state participation in the development of cooperative movement in many countries. Mahatma Gandhi had envisaged that the cooperative movement is a tool for eradication of poverty when he…

Read more