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Investment - Audit Process
The investment is held for wealth generation that as interest and dividends on shares and capital growth and loan notice. Recent investments are readily considered and are intended to be held for not much more than one year. Other investments are long term investments.
The investments in associates, subsidiaries and joint ventures utilize special accounting procedures for the preparation of additional financial statements - the group accounts, otherwise identified as consolidated accounts. Like from your earlier studies you must be familiar along with the definitions relating to the group accounts. See an example a broadly, subsidiary is more than 50% under controlled, and a concerned company is one over that an entity has a 'significant influence' as evidenced through at least a 20% on holding. Long term investments can be carried at cost or the lower of cost and revalued amounts market value determined on a portfolio basis decided through the director. The carrying amount of a long term investment must be reduced to identify impairments in price.
Whereas long term investments are carried on market value a consistent policy must be adopted whereof decreases or increases in the carrying amount should either go with the income statement, or through a revaluation account in equity. To the extent such there is no revaluation surplus concerning to a particular asset, other deficit must be charged to income. Whenever assets carried on market value are disposed of the company must adopt a policy of crediting outstanding revaluation surpluses to either retained, or income earnings. Recent investments can be carried on market value or on the lower cost or on market value.
what is the role of audit trainee in managing the discrete assignment?
Types of audits So far we have tended to think in terms of the audit of limited companies, and indeed, the emphasis throughout this text will be on such companies incorporated
Audit Procedures - Intangible Assets The auditor's process as far as goodwill is relating would involve as: a) Vouching for details as per the buy agreement of the values
(a) In order to draw reasonable conclusions, an auditor is required to identify and use audit procedures to gather audit evidence. You are required to identify and explain, five
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
Records kept by AUDITOR of procedures applied, tests performed, the information obtained and pertinent conclusions reached in the course of the AUDIT. (2) Any records developed by
Auditor performs analytical work only at the end of the audit. Ans: I disagree with the statement because: i) Analytical work/procedures are used to obtain an understanding o
Audit Reports - Going Concern In the vast widely of cases, the going to relate assumption is suitable and whether applied no mention require be made in the auditor's report.
I need a 5 schedules like the sample on the attachment please follow the Instructions you will see in the instructions attachments 4 companies and you have to choose 5th one by yo
The following situations may or may not breach the ethical requirements of APES 110. You need to state whether they are or are not a breach of the ethical requirements of APES110 a
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