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Goodwill and Fair Value
The main points the auditor needs to verify for any goodwill arising in the accounting period are as follows:
(i) Examine the procedure used to find out the fair price of the consideration provides to purchase the shares of the subsidiary and the fair price of the net assets in the subsidiary on the date of acquisition. The rare verification procedures must be used, rather the auditor should consider the requirement for an expert valuation.
(ii) The accounting treatment of the goodwill at one it has been quantified requires to be ensure it is being accounted for incompliance along with IFRS 3
(iii) A check is required which the detailed disclosure requirements of IFRS 3 are complied along with.
Communications to Regulatory and Enforcement Authorities The auditor’s professional responsibility to sustain the confidentiality of client information ordinarily prevents repo
Procedures in Evaluating the Work of Expert The auditor must get reasonable assurance which the expert's work constitutes suitable audit evidence in based of the financial inf
What are the engagement procedures of auditing
Write a paper (may be real or fictional) involving Accounting and business moral dilemmas. The paper should be 13 pages (double spaced) in accordance with APA guidelines. more des
Classification of Individual Business Risk Individual business risk can be low or high impact and low or high likelihood. Here are some illustrations for a satirical magazine.
Final Review of the Financial Statements The work we have considered so far has shown which the auditor first gathers facts that the enterprise and the environment it operates
Determinants of amount of audit evidence
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
Current Audit File The current audit file might include inter alia: a) A copy of the audited financial statements and any report prepared as a result of audit work carried out
Communication with the expert If the auditor intends to use the work of an expert then he must communicate with the expert well in advance to confirm the terms of engagement an
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