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.
Question 1: "While their roles sometimes overlap, financial statement auditors and forensic accounting investigators tackle financial fraud issues from different perspectives,
Amortization and Impairment Amortization - capitalized costs would be amortized to reflect the pattern whether the related economic benefits are identified. Once commercial
Transferee Liability - A person may be held LIABLE for another taxpayer's delinquent taxes if: 1. The transferee received assets of the transferor-taxpayer; and 2. The transf
Statistical sampling – Advantages a) It is scientific and defensible; b) It provides a precise mathematical statement about probabilities of being correct; c) It is efficie
In a financial audit, management assertions or financial statement assertions is the set of information that the preparer of financial statements (management) is providing to anoth
Q. What are the different methods available for collection and analyzing audit data? Q. Describe and explain common audit findings in the fields of: a. Informed consent proce
what is materiality?
(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
list of assets
Financial Institutions and Banks - Audit Situations Financial Institutions Because of the recent collapse of many financial institutions, this is still a heavily regu
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