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Audit Approach - Audit of Accounting Estimates
The accounting and auditing matters are mainly concerned along with recognizing the point in time at that the initial disclosure even happens, and also ensuring about lonely suitable costs are involved in any provision for restructuring such is established. Suitable formats must be required for the information to be disclosed.
The key auditing issues arising are such the auditors should confirm when they agree along with the company's view as to require for disclosure of proposed or real discontinuance, and which they agree that the company's disclosures are suitable for.
Typical process would involve:
(i) Determine the client's policies and process in respect of discontinuing operations
(ii) Review board minutes and another relevant management documentation
(iii) Make enquiries of management in important disposals of investments and assets
(iv) Examine after date information
(v) Confirm the makeup of discontinuing operations through reference to supporting such documentation.
Audit Procedures -Research and Development The auditor should ensure that: a) Any costs incurred in the buy of fixed assets in order to give facilities for development and
Valuation - Long Term Contracts The basis of valuation should be cost plus attributable profit as benefits less foreseeable losses and progress payments both receivable and re
Disclosure Requirements - Investment In common terms, the following items have to be disclosed in the concern to all investments: (a) The accounting policies about:-
Classification of Management Representations The thing to note is which during the course of the audit the auditor obtains various representations from the management which ca
Need of Assertions in Obtaining Audit Evidence Management is responsible for the fair presentation of financial statements which reflect the nature and operations of the entit
Determinants of amount of audit evidence
Auditor performs analytical work only at the end of the audit. Ans: I disagree with the statement because: i) Analytical work/procedures are used to obtain an understanding o
Goodwill and Fair Value The main points the auditor needs to verify for any goodwill arising in the accounting period are as follows: (i) Examine the procedure used to find
types of edp accounting system
Adjusting Events - Audit Process Adjusting events are those such give evidence of conditions such existed at the balance sheet date as the settlement of a court case than the
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