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explain about commercial banks in depository institutionscommercial bankscommercial banks accept deposits or liabilities to create loans or assets
what are depository institutionsdepository institutions intermediaries along with an important proportion of their funds derived through customer
what are the main functions of the financial systemsthe main functions of financial systems in short are as followsa give the mechanisms by that
explain about the mechanisms of financial system for risk to be transferredfinancial systems also give mechanisms for risk to be transferred for
what you meant by monetary function in financial systema significant function of a financial system is the monetary function the introduction about
define the direct finance and indirect finance in marketsin direct finance borrower-spenders borrow funds directly by lenders into the financial
how is the channelling of funds from savers to spenders very importantthe channelling of funds by savers to spenders is very significant for two
explain about the functions of financial systemsfinancial systems perform the necessary economic function of channelling funds through units who have
why auditors need to attain audit evidencewhen significant fluctuationsunexpected relationshipsare identified which are inconsistent with
determine the factors of auditorswhen anticipating to apply analytical review as a substantive procedure auditors determine a number of factors
state the analytical procedures at the planning stage auditors must apply analytical procedures at the planning stage to help in understanding the
analytical procedures of auditorsauditors must apply analytical procedures at the planning and overall review stage of auditanalytical procedures
checklists or questionnairesaudit firm will have a standard list of control questions audit staff can quickly ascertain which if any are in operation
iceqsgo beyond icqs discover whether error or fraud is possible concentrates on significant frauds or errors which might be possible and so only a
icqs designed to identify possible areas of weakness discover existence of internal controlsquestions are framed to highlight situations where
flowcharts - documenting the accounting systemdepict in outline the sequence of events in a system showing document flow and department or function
examples of icqs and iceqsicq does an authorised senior person review purchase invoices before payment is madeiceq can payments be made on purchase
documenting the accounting systemthere are 3 methods generally used to document the clients systemnarrative noteswritten description of the
state about the detection riskthis is the risk that auditors substantive procedures dont detect a material misstatement in an account balance or
what is control riskthat material misstatement could take place and not be detected or prevented on a timely basis by accounting and internal control
account balance - inherent risk at account balance class of transaction level balances susceptible to misstatement history of errors complexity of
at entity level - inherent risk integrity of management managements experience and knowledge over reliance on key customers unusual pressures on
what is inherent risksusceptibility of an account balance or class of transactions to material
determine the calculation of materialityfor exampleturnover 1 -15net assets 1 -2net profit 2 -6whatever numbers are selected they would be based on
what are the material items are carried outmaterial items would have an impact on audit tests carried out for illustration compliance based testing