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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
Managements interest in the accounting system Management needs complete and accurate books of accounts because: There is no other way the business can be controlled; Rec
Important Points about Auditor - Audit Process The Points that should be noticed that: i. The auditor must forever date his audit report. This date should be as close as pr
discuss the 4 stages of data processing in an accounting information system
Communication with the expert If the auditor intends to use the work of an expert then he must communicate with the expert well in advance to confirm the terms of engagement an
The Accounting System ISA 400 Risk Assessment and Internal Control accounting system are the sequence of tasks and records of an entity by which transactions are procedure as a
Verification Work - Audit Process At the same time the audit process will need verification work as an example: examination of costing records, allocation and verification of
AsList and define five audit procedures for obtaining audit evidence. (ii) Why is it necessary to obtain corroborating evidence for inquiry and observation? (iii) What is the dif
Judgmental Sampling The Judgement sampling is where, auditor using his own experience and awareness of the client's business and situations selects the sample to be tested with
Non Current Assets or Fixed Assets In usual countries, not current assets are commonly classified like: a) Intangible assets Patents Licences Developme
Distinguish between early and modern audits
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