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Audit Work on the Holding CompanyWe will focus on the verification of investments in subsidiary companies.1. Get a schedule that should contain the following information. All the data such the Companies Act needs to be disclosed in the holding company's own accounts, copies of the accounts of each and every subsidiary along with a note who that the auditor is, summary of movements in investments in subsidiary, details of any qualifications in any of the audit reports, and on current and loan accounts along with its subsidiary, reconciliations of intercompany balances.2. Ownership and Existence must be verified through examining the share certificates and ensuring such they are in the identification of the holding company. Whether not, then blank signed transfer forms should be obtainable from the nominees. Whether the share certificates are held through third parties, after that an suitable certificate must be acquired.3. Loan and Current accounts: Their verification is usually done through acquiring a certificate from its subsidiary verifying the balances. Also whether the auditor of the holding company is the auditor of the subsidiary, so he can reconcile entries in equally sets of books himself. The auditor must convince himself about dealings among group companies are not required to cover up material errors.4. Valuation: Valuation is verified as follows: whether the shares were obtained in the year consider authorization and cost. Examine accounting treatment of any discount and premium upon acquisition and any dividends obtained out of pre-acquisition profits. The balance sheet value of its subsidiary might be considered and this could involve review of each individual subsidiary's account to verify that it is now a going concern.
IAS 12 Income Taxes 1AS 12 needs a deferred tax liability should be well known for all taxable temporary difference with minor exceptions as goodwill that is not allowable for
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Audit Procedures - Intangible Assets The auditor's process as far as goodwill is relating would involve as: a) Vouching for details as per the buy agreement of the values
discuss the verification procedure of current assets and long term liabilties
Systems Based audit approach The basis of IAS 400, Risk Assessment and Internal Control. The term systems audit refers to the typical audit approach to medium and large comp
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You are auditing the accounts receivable balance of a cable television provider. Individual accounts receivables tend to be similar in amount to each other and cover one or two mon
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