Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
IAS 36 Impairment of Assets
It is very necessary for the auditor to determine the client's method for determining and accounting for impairments. Corresponding IAS 36, 'impairment' has occurred whereas recoverable amount has fallen under the asset's carrying value. The recoverable amount is higher of total seems value and value in need economic value.
The stages of the audit in this area could be:
1. Confirm where the enterprise has carried out other impairment checks and review the authority of the conclusions reached as to further whether analysis of impairment was essential.
2. Whether the client has concluded which no extra work is required and the auditor concurs, further no more audit work is needed. Conversely the audit disagrees and considers which the value of some assets has been impaired, then it is required to argue the matter along with management. Whether no further action is taken through management means it may be compulsory to question a modified audit report providing a qualified opinion based on the disagreement along with detailing and management the reason of the disagreement. Obviously, in majority of cases extra action will be taken through management and a customized report will not be required whether the auditor is satisfied along with such further action.
3. Whether the client has concluded such impairment checks are required, the auditor will review the stages of the impairment verify, paying specific attention to:
Historic Costs Methods - Long Term Contracts You will notice such this exercise is completely dependent on the company estimating its further costs. This is wherever the audi
For each of the following independent situations, state whether you agree or disagree, and briefly explain your answer. (a) Materiality is used only at the planning stage of the
With reference to the case study business, plan an audit. You should make specific reference in your plan to: Scope of the audit Materiality Risk factors including fra
Internal Control Procedures: As an auditor, you have discovered the following problems with the accounting system control procedures of Jim's Supply Store. For each of the followin
Capital Commitments - Audit Process The Companies Act needs capital commitments be disclosed through a way of note to the accounts. Therefore the auditor must execute suffici
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
Fitri, a sole proprietor in pulic practice, plans to establish a separate department that will provide internal audit service to his audit clients.
What is an audit, what financial records are available and what is their individual function in completing your audit? Audit is an independent examination of financial informat
B. For the one activity/process you ranked the most significant, identify and evaluate four risks. a. Two of the risk should be high to medium significance, and at least one shoul
Information in the Fixed Assets Register The register can obtain the following information: i. Fixed asset number. ii. The cost and the date of purchase. iii. Descrip
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd