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Audit of Current Assets
Verification of Work and Stocks in Progress
Authoritative documents: IAS 2/ISA 500/501
IAS 1 Preparation of financial statements requires inventories to be disclosed separately and the accounting policy adopted to be disclosed.
An IAS 2 inventory prescribes the accounting treatment for inventories, except:
a) Work in progress (WIP) arising under construction contracts (IAS 11 Construction Contracts);
b) Financial instruments (IAS 39 Financial Instruments); and
c) Biological assets that are related to agricultural activity and agricultural produce at the point of harvest (IAS 41 Agriculture).
Furniture, Fixtures and Disposal of Non-Current Assets Furniture, fixtures and fittings The only matter here to note is the depreciation of fittings and fixtures. Since
Normal audit risk Indications that an audit is a normal risk audit are: (1) The client having management and staff who are competent and have integrity; (2) Where the client h
what difference between risk assessment procedure and substantive procedures? could you please provide some examples on each procedure?
Action if Management Refuses to Provide Representations If management refuses to provide a representation that the auditor considers essential, this constitutes a scope restric
Valuation and Allocation - Audit Process As we saw assets are usually valued at cost or a valuation less a provision for usage or loss of value. We have to ensure therefore t
Checking Consolidation Papers The auditor pays particular concentration to the calculation of: a) Goodwill arising on consolidation and acquisition b) Post-acquisition a
Necessity of Transactions with Related Parties Transactions along with related parties are essential for several reasons: (a) Several financial scandals including related p
why are the figures presented to an auditor not sufficient for absolute reliance
how to analysis
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