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What are some critical matters to be considered when auditing the standard cost of a company?
When auditing the standard cost of a company, it's essential to evaluate the accuracy of cost data, including direct materials, labor, and overhead allocations. Additionally, the auditor should assess the appropriateness of the cost estimation methods and any variances from actual costs, analyzing their reasons and implications. Ensuring compliance with relevant accounting standards and internal controls is also crucial to verify the reliability of cost reporting. Lastly, understanding the impact of market conditions and operational changes on standard costs is vital for a comprehensive audit.
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What color pen should used by an external auditor in a company while auditing?
red
What does an external auditor do?
An external auditor as opposed to an internal auditor, means the person that is auditing a company is not employed by that company. A business will employ an auditing firm to assess it's business financials and practices, ensuring it is operating in a legal and ethical manner.
What color pen should used by an internal auditor in a company while auditing?
green colour
What are the procedures of auditing of salaries and wages?
The procedures for auditing salaries and wages include comparing how much each person makes with the amount of work they complete. Adjustments are made based on their overall performance and their benefit to the company.
Who chooses the independent auditing firm?
A company chooses who their independent auditing firm will be.Any and all businesses, companies and organizations have the right to hire any auditing firm that they are going to pay to perform annual or special audits. (If a third party is mandating and paying for the audit due to an acquisition, merger, or a court order, then the third party will hire and pay an auditing firm of their choice.)The word independent means the auditing firm can not be related to the entity it is auditing. The auditing firm can not audit itself, a subsidiary of itself, a brother/sister organization, or its parent company.Also, there can not be any conflict of interest. An employee for the auditing firm can not be on the team who audits a business that employs one of his/her immediate family, partners, or an organization in which he/she or his/her immediate family or partners has a material financial interest in, or has any arrangements concerning prospective employment with.If all of the above hold true, you have an independent auditing firm.
The subject of Wealth against Commonwealth was?
critical examination of the standard oil company
Auditing standard no 2 of pcaob?
Auditing Standard No. 2 (AS 2) of the Public Company Accounting Oversight Board (PCAOB) sets forth requirements for auditors regarding the internal control over financial reporting for publicly traded companies. It emphasizes the need for auditors to assess and report on the effectiveness of a company’s internal controls as part of the audit process. The standard aims to enhance the reliability of financial reporting and ensure that any deficiencies in internal controls are identified and communicated. AS 2 has since been superseded by AS 2201, which further refines the approach to auditing internal controls.
How do you control a company?
by auditing of procedures , operation and results we can control a company
What is the cost of compliance auditing for retail company?
The cost may varies according to the company that provides the compliance auditing. Why don't you google it first and then compare it which are the best price for you
Are audit fees considered a marketing expense?
NO IT IS NOT , SINCE MARKETING IS TRADEOR THE PROCESS OF DISTRIBUTING THE PRODUCT EITHER WITHIN OR OUTSIDE COUNTRY AS AUDITING REFERS TO PERFORMANCE ACHIEVED BY A CERTAIN PRODUCT OR COMPANY AND AUDITING FEES A FEE CHARGE BY A FIRM WHO DID THE EXTERNAL OR INTERNAL AUDITS
What has the author Michael Ramos written?
Michael Ramos has written: 'The auditor's guide to understanding PCAOB auditing standard no. 2' -- subject(s): Accounting, Auditing, Corporate governance, Corporations, Public Company Accounting Oversight Board, Rules and practice, Standards 'Polvoron' -- subject(s): Fiction, Social life and customs, Tales
What color pen should used by an external auditor in a company while auditing?
red
What does an external auditor do?
An external auditor as opposed to an internal auditor, means the person that is auditing a company is not employed by that company. A business will employ an auditing firm to assess it's business financials and practices, ensuring it is operating in a legal and ethical manner.
What is the definition of government auditing?
Government Auditing is the systematic and professional examination of financial, administrative and other operations of a public entity, Government Company and/or a government program by Government Auditors.
What color pen should used by an internal auditor in a company while auditing?
green colour
An auditor maintains no direct financial interest in the company he or she is auditing what is the principle being followed is?
Independence
How can you use statics in accounting?
Statistics are used in auditing. Auditing a large company with millions of transactions would be impossible. So auditors pull a statistical sample to determine if accounting records are correct.
