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Goodwill and Business Combinations - Intangible Assets
Goodwill is the one of most strange of all assets since it cannot be differentiate from the business. It cannot be sold on it's as asset. Most difficulty is to ascribe a value to. So there is no reliable basis for find out the value of this asset.
The problem along with internally produced goodwill is trying to quantify the asset. Hence, internally produced goodwill must not be identified as an asset in accounts meant to provide a fair or true view. Since whether the auditor finds a set of accounts whether internally generated goodwill has been identified as an asset in the balance sheet then, he should be alert such this treatment is against the requirements of IAS and have accordingly qualify his report.
Relevance - Sources of evidence The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contain
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
Co-operative Societies An audit in this case is carried out as a normal audit except you should note that the auditor is appointed by the Commissioner of Co-operatives and alth
General advantages and disadvantages of joint audits Advantages: All work and fees are welcome to audit firms. An opportunity to closely inspect the auditing methods
Ask You are the senior auditor assigned to the team performing an audit for Restorative Pharmaceutical Corporation (RPC), a 10-year-old publicly held corporation listed on the New
what is the role of audit trainee in managing the discrete assignment?
Sundry Debtors and Loans Sundry debtors and loans are not generally material assets of companies another than those companies whose business is to create loans. We shall cons
Necessity of Transactions with Related Parties Transactions along with related parties are essential for several reasons: (a) Several financial scandals including related p
Limitation of Audit Evidence The quantity and quality of evidence is constrained through the following factors as: Absolute proof is not possible; Some assert
factors that influence auditors judgement on sufficiency of audit evidence
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