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.
Pending Litigation - Audit Process Since of the inherent uncertainty, in calculating the outcome of legal actions so this is an especially difficult area for the auditor. Seve
Problem: You are an auditor of a company which operates three large departmental stores at Grand Bay, Port Louis and Tamarin. You are preparing your audit plan and you are p
1. On 5 August 2012, the financial controller informed you that the board has recently received a letter from the assistant general manager, Mr. Tan. The letter contains a confessi
The modern approach allows one audit of an auditable entity with one comprehensive report. One additional advantage is that this approach assists in staff development and retention
#what are the procedures of conducting audit for the first time#
Forms of evidence a) Observation: is usually witnessing internal control and book-keeping procedures. It includes attendance at wages pay out. Observation of stock-take, open
Case Study: You have commenced work as a graduate auditor with a well established audit firm. The firm has a wide client base, which includes some of the largest companies in t
As an auditor, how would you react to the following situation? The company produced photocopies of fixed deposit receipts as the original receipts were kept in the iron safe of the
(a) In order to draw reasonable conclusions, an auditor is required to identify and use audit procedures to gather audit evidence. You are required to identify and explain, five
IAS 40 Investment Properties Audit work common to all kinds of land and building will be used to establish ownership, existence and price. IAS 40 requires such companies may a
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