Audit Methodology of various key financial line item. Purpose and utility of BRS. Types of Audit Report External Balance confirmations Sch III

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Audit methodology involves examining key financial line items, BRS is used for bank reconciliation, types of audit reports include unqualified, qualified, adverse, and disclaimer, external balance confirmations are used to verify account balances, Sch III refers to Schedule III of the Companies Act which outlines the format for financial statements.

Audit methodology involves detailed examination of key financial line items such as revenue, expenses, assets, and liabilities.
Bank Reconciliation Statement (BRS) is used to reconcile the differences between the bank balance as per the company's records and the bank statement.
Types of audit reports include unqualified (clean), qualified (with exceptions), adverse (negative opinion), and disclaimer (unable to form an opinion).
External balance confirmations are letters sent to third parties to verify account balances and transactions.
Schedule III (Sch III) of the Companies Act specifies the format for presentation of financial statements by companies.

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Audit Methodology of various key financial line item. Purpose and utility of BRS. Types of Audit Report External Balance confirmations Sch III

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