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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
Investment - Audit Process The investment is held for wealth generation that as interest and dividends on shares and capital growth and loan notice. Recent investments are re
Reference to an expert in the Auditor's Report When issuing an unmodified auditors report, the auditor should not refer to the work of the expert. This is because such a refe
Related Parties - Audit Evidence IAS 24 prescribes the disclosures essential to the possibility to draw attention which the financial position and loss or profit of an entity
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
Pension Funds Pension funds are set up by companies or other organizations: (a) To administer the pension payable to retired employees and (b) Ensure that funds are available
what are the things we need to check in statutory audit of bank?
the availability of audit evidence is necessary but not sufficient condition for absolute reliance on the figure presented for audit
A. Board of Directors Best Buy's Board is elected by the shareholders to oversee the business and affairs of the company. The board counsels, advises and oversees management wi
As per the standard audit engagement letter signed between external financial statement auditor and client/ auditee, auditor's primary role is to detect fraud. Ans: No, the prim
An audit helps stay track of where the currency or money is going and makes sure the money is going anywhere it is believed to and not in someone''s pocket. An audit may also help
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