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Disclosure and Presentation - Audit Process
IAS 16 provides exclusive disclosure requirements.
Fixed assets should be split into appropriate classes and the following should be disclosed:
a) The depreciation methods used
b) The useful lives or the rates of depreciation used
c) The total depreciation for the period and
d) The gross amount of depreciable assets and the related accumulated depreciation
The split between freehold and leasehold land must be shown together with the split between long and short term leases. Presently where the client has fully depreciated assets which are material their cost and notional depreciation charge is also disclosed. Where fixed assets have been revalued and incorporated in the accounts then also the qualification of the valuer, the address of the valuer, the name of the valuer, and the date of valuation also must be disclosed. The modification of the historical cost accounts must also be disclosed as a note to the accounts.
what is internal audit standardizes.
IAS 37 Provisions, Contingent Assets and Contingent Liabilities IAS 37 was mattered in order to deal along with the subjective area of provision and to prevent the requiremen
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Completeness of Liabilities In distortion, the directors tend to involve non-existent assets or keep out liabilities. Hence whereas along with assets we are especially concern
what is a joint auditor
Conformity and Conservatism - External Auditor Report Conformity Although the user of the accounts expects the accounts to conform to general accepted accounting princi
Interim and Final Audits Whereas the split between the systems and balance sheet audits is concerned with thetype of work covered, that between the interim and final audits is
Action if Management Refuses to Provide Representations If management refuses to provide a representation that the auditor considers essential, this constitutes a scope restric
Relevance The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contained in the financial sta
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