Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
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 research over a number of accounting years are to be written and capitalized off over their needful lives.
b) Expenditure on research has to be written off as it is incurred.
c) Development expenditure has be written off as it is incurred except also in the very unique circumstances mentioned above. Whether development costs are as defined, they should be amortized on the basis of sales or need of the process or product. The amount deferred must be reviewed each year and whether there are any worries as to its recoverability, whether it should be written off immediately. Research and development once written off expenditure must not be reinstated.
d) Movements and balances of deferred development costs must be fully disclosed in the accounts as a separate item and not included in current assets. The accounting policy adopted must be fully explained. The movements such need to be disclosed are: the balance on the start of the year, additional expenditure during the year, less expenditure written off during the year and the amount carried forward.
Banks The Authoritative documents are: The Central Bank of Kenya Act, The Companies Act Cap 486. IAS 30 Disclosure in the Financial statements of Banks and Similar
what is edp auditing?
Your firm has recently been appointed auditors of the Social Transport Corporation and you are commencing the audit of the wages system. The Corporation has about 2500 employee
Is an audit 100% guarantee?
The management of a newly incorporated company is unsure as to the need for an audit. Your services have been requested to explain to management the concept of auditing. Requir
An audit team is currently engaged in planning the audit of the financial statements of E Limited as at 30 June 2011. This was the first accounting period during which all the tran
Ask question Using analytical procedures and the information provided in the appendix, perform an analysis of Cloud 9’s financial position and its business risks. Discuss the ratio
Litigation and claims ISA 501 Audit Evidence - Additional Consideration for exact Items requires such auditors should carry our process to become aware of any material litig
Management Representations as a Source of Audit Evidence International Standard on Auditing as abbreviated ISA 580 Management Representations gives guidance and standards on t
IAS 36 Impairment of Assets It is very necessary for the auditor to determine the client's method for determining and accounting for impairments. Corresponding IAS 36, 'impai
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd