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IAS 28 - Audit Process
IAS 28 applies in accounting for investments in associates, except those held through:
That on initial recognition are designated as at fair value via loss or profit or are classified as held for trading and accounted for in accordance along with IAS 39 Financial Instruments: Measurement and Recognition.
Summary of IAS 28
An associate is an entity over that the investor has significant influence and such is neither a subsidiary nor an interest in a joint venture. Important influence is the power to participate in financial and operating policy decisions of the investee however not control or joint control over those policies is. That influence is presumed to exist whether the investor owns 20 per cent or more of the voting power of the investee. So an investment in a related is accounted for via the equity method. The equity technique is not utilised whenever situation are like:
The investor's financial statements are prepared using uniform accounting policies for like transactions and events in same circumstances. Any difference among the reporting date of the investor and its associate must not be more than 3 months.
An investor discontinues the equity technique from the date such it ceases to have important influence over the associate. From that particular date it accounts for the investment in accordance along with IAS 39, given the associate does not become a subsidiary or a joint venture as defined in IAS 31. IAS 28 specifies disclosures to be created in the investor's financial statements about Associates.
Responsibilities of the Auditor The Auditor has no duty for the prevention and recognition of fraud and error though the annual audit might act as a restraint. As explained
Documentation of Representations by Management The auditor would ordinarily involve in audit working papers evidence of management's representations in form of a summary of or
Experts as a source of Audit Evidence Mostly the auditor's work on evidence obtained from along within the entity supported through confirmations from third parties will provi
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
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