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Audit Procedures - Intangible Assets
The auditor's process as far as goodwill is relating would involve as:
a) Vouching for details as per the buy agreement of the values attributed to the assets purchased and where the price contained was reasonable seems similar businesses.
b) Review of the accounts of the business relating and find out where the business is profitable and therefore can justify the continued recognition of kindness as an asset.
c) Consider impairment tests in accordance along with IAS 36. As bottom up and top down tests within IAS 36 Impairment of Assets
d) Seems the requirements of ISA 545 Auditing Fair Value measurements
Presentation and Disclosure - Audit of Accounting Estimates An enterprise should involve the following information relating to a discontinuing operation in its financial state
Forms of Evidence Observation , is mostly witnessing internal book-keeping procedures and system control. It involves attendance at wages pay out. Observation of stock-ta
Discovery of unlawful acts When an auditor discovers unlawful acts, usually he is not expected to disclose to the police or other authorities unless: The client authorise
Types of audits So far we have tended to think in terms of the audit of limited companies, and indeed, the emphasis throughout this text will be on such companies incorporated
RELEVANCE OF IAS / IFRS TO AUDITING The auditors should involve in their report that their view on whether the financial statements they report are true and fair view. It is comm
list four assertions that relate to account balances
Building Societies - Specialized Audit Situation Building Societies are organisations that exist to offer a savings and investment intermediate to the public and to lend to pe
Auditor's Duty - Audit Process The auditor has a responsibility to express a thought on the truth and fairness and compliance along with legislation, of the accounts. The valu
Relevance - Sources of evidence The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contain
Information in the Fixed Assets Register The register can obtain the following information: i. Fixed asset number. ii. The cost and the date of purchase. iii. Descrip
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