What is the meant by competency of audit evidence?
Answers: The quality.
Seeing and touching it yourself as in a physical confirmation of inventory or collateralized asset such as plant & equipment, or building and land. It's hard to dispute your own findings.
Third party confirmations for items such as cash balances from banks, A/R from customers, A/P from vendors go toward testing for your client's assertions these items exist. Because the evidence is from a source outside the client it is considered less likely to be manipulated and thus considered more representative of the truth.
Client prepared documents should not be dismissed outright but the auditor auditor should always maintain a level of professional skepticism and seek other means of corroborrating evidence.
What's a hostile takeover?
Answers: A hostile takeover is A takeover which goes against the wishes of the target company's management and board of directors.
For instance... Microsoft recently made a bid to buy Yahoo, Yahoo's board just rejected the offer. If microsoft pushes its weight around and keeps pursuing this deal, it would be considered a hostile takeover
What companies put on the market their stocks publicly?
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