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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.
Explain appropriate audit procedures you would apply in verification of cheque payments.
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Internal audit is an independent assessment function which is recognized by the management of an company for the review of its internal control system as a service to the company.
Communications to Regulatory and Enforcement Authorities The auditor’s professional responsibility to sustain the confidentiality of client information ordinarily prevents repo
Pension Funds Pension funds are set up by companies or other organizations: (a) To administer the pension payable to retired employees and (b) Ensure that funds are available
Problem: (a) Your client has sought your advise on the procedures to be adopted for carrying out the stocktaking which is based on a year-end count. You are required to prepa
Accounting Treatment Prescribed by IAS 38 IAS 38 prescribes the accounting treatment about to intangible assets, except: a) Intangible assets which are under the scope of a
a. Discover Fifty strengths and Fifty weaknesses after conducting an internal audit of a company. b. What procedures could then be used to determine the most important of these?
Statistical techniques Factors to be taken into consideration before adopting statistical techniques: a) The number of clients to whom it is appropriate because set up costs a
Accounting Requirements - IAS 40 Investment Properties IAS 40 prescribes the accounting treatment about investment property and related disclosure necessities. Investment
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