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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:
General phases of control evaluation are: Phase 1: Understand and document • Understand the client's internal control • Document the understanding of internal control o
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