Practical Auditing |
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Common terms and phrases
allotment amount annual apply appointed Articles assets Auditor should ascertain Auditor's Report authorised Balance Sheet Bills Board of Trade Cash Book certificate charge cheques Companies Act Companies Consolidation Company's copy Court Creditors Debentures debit default deposit depreciation Directors Discount dividends duty entitled entry expenditure fixed Friendly Societies Fund Impersonal Ledger inspection Insurance interest Internal Check Investments invoices issued liability LIMITED COMPANY Loans Loss Account manager meeting mortgage necessary outstanding paid Partner Partnership Pass Book payable payment period person Petty Cash PRACTICAL AUDITING premium Profit and Loss prospectus purchase purpose receipts received reduction reference registered registrar registrar of companies remuneration Report Reserve respect Revenue Sales Sales Ledgers Savings Bank securities share capital Shareholders Societies Act special resolution statement Stock thereof Total transactions transfer Trial Balance Trustee Savings Banks utilised verify vouched vouchers
Popular passages
Page 225 - ... so paid in advance, or so much thereof as from time to time exceeds the amount of the calls then made upon the shares in respect of which such advance has been made, the Company may pay interest at such rate as the member paying such sum in advance and the directors agree upon.
Page 247 - ... every director of the company has paid to the company on each of the shares taken or contracted to be taken by him, and for which...
Page 201 - In our opinion such balance sheet is properly drawn up so as to exhibit a true and correct view of the state of the company's affairs according to the best of our information and the explanations given to us and as shown by the books of the company.
Page 260 - Calls to the amount of pounds per share have been made, under which the sum of pounds has been received. The liabilities of the company on the first day of January (or July) were, — Debts owing to sundry persons by the company : On judgment, £ On specialty, £ On notes or bills, £ On simple contracts, £ On estimated liabilities, £ The assets of the company on that...
Page 273 - The business of the company shall be managed by the directors, who may pay all expenses incurred in getting up and registering the company, and may exercise all such powers of the company...
Page 198 - His business is to ascertain and state the true financial position of the company at the time of the audit, and his duty is confined to that.
Page 263 - ... referred to in the report is properly drawn up so as to exhibit a true and correct view of the state of the company's affairs according to the best of their information and the explanations given to them, and as shown by the books of the company.
Page 213 - A declaration that each member undertakes to contribute to the assets of the company in the event of the same being wound up, during the time that he is a member, or within one year afterwards, for payment of the debts and liabilities of the company contracted before the time at which he...
Page 403 - ... that case. Where there is nothing to excite suspicion very little inquiry will be reasonably sufficient, and in practice I believe business men select a few cases at haphazard, see that they are right, and assume that others like them are correct also. Where suspicion is aroused more care is obviously necessary ; but, still, an auditor is not bound to exercise more than reasonable care and skill, even in a case of suspicion, and he is perfectly justified in acting on the opinion of an expert...
Page 270 - A forfeited share may be sold or otherwise disposed of on such terms and in such manner as the directors think fit, and at any time before a sale or disposition the forfeiture may be cancelled on such terms as the directors think fit.