Category Archive for: Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks

QUESTIONS AND ANSWERS

Karim & Co. Chartered accountants are engaged in the review of financial statements of Baber Textile Mills Limited for the half year ended June 30, 2008. The increase in oil energy prices and current inflationary trend prevailing in the country has resulted insubstantial losses and the company’s outlook is negative. Moreover, in view of recessional pressures being faced by the…

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DISSIMILARITIES BETWEEN AUDIT AND REVIEW OF FINANCIAL INFORMATION

Review is distinguished with audit in following respects: 1. The objective of review of interim financial information is to form an opinion whether anything has come to the auditor’s attention that causes the auditor to believe that the interim financial information is not prepared, in all material respects, in accordance with IAS A review is not adequate to express…

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Contents of the report on prospectus

1. A report by the auditors of the company with respect to : Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks (a) Profits and losses and assets and liabilities; (b) The rates of the dividends, if any, paid by the company, in respect of each class of shares in the company…

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Chartered Accountants

AB & Co. Chartered Accountants Karachi. May 31, 20×7. Audit procedures to verify report include 1. Check that no allotment is made of any share capital of the company unless the amount stated in the prospectus as the minimum amount which in the pinion of directors must be raised by the issue of share capital has been subscribed.…

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SPECIAL CONSIDERATOINS – AUDITS OF FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH SPECIAL PURPOSE FRAMEWORKS

INTRODUCTION ISA 800 provides guidance in connection with special purpose audi engagements including: a) Financial statements prepared in accordance with comprehensive basis of accounting other than Intemation:.. Accounting Standards or national standards; b) Specified accounts, elements of accounts, or items in a financial statements; c) Compliance with contractual agreements; d) Summarized financial statements In Pakistan’s context, the auditors are…

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