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‘Auditor is not a valuer’, was stated in which of the following case?

<p style="text-align:justify;"><em><strong>a) Kingston Cotton Mills case</strong></em><em><strong>b)London Oil Storage Co. Case</strong></em><em><strong>c) London and General Bank case</strong></em><em><strong>d) None of the above</strong></em></p>

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Question ajoutée par VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.
Date de publication: 2015/01/10
georgei assi
par georgei assi , مدير حسابات , المجموعة السورية

 

The Anawer D

Mir Mujtaba Ali
par Mir Mujtaba Ali , Internal Audit Manager , Confidential

sorry I do not know.

a & c are the basis for many references

SHINU SAM JOY
par SHINU SAM JOY , Accountant , Neat and Net LLC

Option D

I think this judgement was stated in the case of 'Westminster Road Construction and Engineering Co. Ltd. (1932)', it was held that an auditor must make the fullest use of all the materials available to him and althoughhe is neither a stock taker and nor a valuer

Utilisateur supprimé
par Utilisateur supprimé

d) None of the above

Malik Khalid Mahmood
par Malik Khalid Mahmood , Regional Finance Manager , Leosons International FZ LLC

Really its practical or I can say none of the above

MUHAMMED HARIS MI
par MUHAMMED HARIS MI , Senior Audit Staff , Saud Bahwan Group LLC.

I agree with Option D and the explanation given by  the expert  Mr. @SHINU SAM JOY 

FITAH MOHAMED
par FITAH MOHAMED , Financial Manager , FUEL AND ENERGY CO for transportion petroleum materials

SORRY 

I DO NOT KNOW 

ايمن محمد عاطف محمد
par ايمن محمد عاطف محمد , Director of the control and regulation unit , ACOLID

d

Auditor Position Regarding Valuation:

An auditor can obtain the certification of valuer and other competent persons. Usually, the assets are valued by responsible officials. An auditor audits many types of companies and he can’t be an expert to value all kinds of assets.

An auditor is not a valuer, and can’t be expected to act as such. All that he can do is to verify the original cost price and to ascertain as far as possible the current values are fair and reasonable and are in accordance with accepted principles.

It must be borne in mind that the actual valuations are made by officials who have a practical knowledge of such assets and that an auditors duty is confined to testing the valuations as far as he can and in this way satisfy himself with correctness of the BS position. However, he can’t guarantee the accuracy of valuations.

Waqas Raza Khan
par Waqas Raza Khan , Accountant , Cold Store Group of Saudi Arabia

Answer: Option D

mohamed Hakim CMA CPA Candidate
par mohamed Hakim CMA CPA Candidate , Accounting Manager , Andersen saudi arabia

I do not know the answer

Salah Othman Yousef Alshambaati
par Salah Othman Yousef Alshambaati , مدير ادارة الحسابات , شركة انفال الجديدة للتجارة والمقاولات

d

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