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.
For each of the following independent situations, state whether you agree or disagree, and briefly explain your answer. (a) Materiality is used only at the planning stage of the
Audit Approach The auditor: 1) Must get the cooperation of the client, as simply the client can authorise third parties that communicate along with the auditor. 2) Choos
Capital Commitments - Audit Process The Companies Act needs capital commitments be disclosed through a way of note to the accounts. Therefore the auditor must execute suffici
Providers of Funds A further point to note is that modern companies can be very large with multinational activities. Preparing accounts for such a group becomes a very complex
The Concept of Audit Evidence Auditing is an evidence gathering exercise. It is an exercise carried out to confirm the assertions made by the management in carrying out the man
what is the effect of fraud and error on the financial statement.please I want simple answer
Party Disclosures used by IAS 24 IAS 24 utilized the following related party disclosures that 1. Nature of relationships between subsidiaries and parents, even whethe
Audit points - Audit Process Key audit points are as 1. Internal control particularly along with regard to computerisation and internal audit. 2. Provision for doubtful
Summary of IAS 2 Inventories are measured at the lower of cost and net realizable value. Entire realizable price is the calculated selling price in the regular course of busin
Records kept by AUDITOR of procedures applied, tests performed, the information obtained and pertinent conclusions reached in the course of the AUDIT. (2) Any records developed by
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