Some of the frequently asked exam questions on audit of limited companies are as follows: Q.1. Indicate the Important points to be considered if you are appointed: (a) As the First Auditor, (b) as the Auditor in place of the Retiring Auditor, and (c) as the Auditor through an order of the Government. Ans. (a) As the First Auditor: The [...]
Some of the most frequently asked questions on valuation of assets and liabilities of a company are as follows: Q.1. Examine the Factors that Effects the Valuation of Goodwill. Ans. The factors affecting goodwill valuation are: 1. Profitability: One who pays for goodwill looks to the future profits. The future profits which depend on a variety of factors (such as, [...]
In this article we will discuss about the checklist for the verification of assets and liabilities of a company:- 1. Copyright 2. Royalty 3. Travelling Expenses 4. Loans on Mortgage 5. Bank Overdraft 6. Loan to a Director 7. Investment in Shares 8. Plant and Machinery 9. Secured Loans 10. Preliminary Expenses 11. Leasehold Mining Rights 12. Railway Siding 13. [...]