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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.
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
i have assignment
Principles of Auditors Procedures i. The financial statements should be prepared on the source of conditions existing on the balance sheet date. ii. The material post balance
Preferred stock valuation 1. Features of preferred stock (You may review what you've learned about preferred stock from TCA 221): a. Multiple classes in terms of convertibil
Cost and Authorization - Detailed audit of stock Cost A favor of the auditor this is restricted generally to determining the technique adopted through the organization
Evaluation and Disposition of Misstatements, and the Effect on the Auditor’s Report: Whenever the auditor verifies that, or is not capable to conclude whether, the financial stat
Incorporated Banks under Companies Act Banks are incorporated under the Companies Act like any other business but are granted special privileges under the same Companies Act a
Procedures When Fraud is suspected Whenever the auditor encounters situation that might indicate that there is a material mis-statement in the financial statements resultant fr
OBJECTIVES To apply certain steps in the audit planning process, with emphasis on risk identification and audit response (strategy) thereto. To provide you with the exp
Seek Out Transactions with Related Parties Within the course of the audit, the auditor carries out process that may identify the existence of transactions along with related
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