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Issues in Audit of Intangible Assets
The two key issues in such audit of intangible assets are:
(a) Recognition of intangible assets
The audit problem here is to make sure that all the requirements of IAS 38 are net before intangible assets are identified. The identification, measurement and distinction among 'research' and 'development' expenditure are potentially tricky areas for the auditor.
(b) Measurement after initial recognition
Intangible may only be revalued upwards some times in practice this may be rare whether an active market in them exists. Whether an active market does exist evidence of valuation will be available. Active markets are usual in many industries. As for example fishing quotas in the fishing industry may be purchased through a company at Kshs. per ton. This increase can be shows in the financial statements through the company provided such it is verifiable from observed activity of selling and buying of quotas on the market and the verification of value evidence.
Checking consolidation papers The auditor pays particular attention to the calculation of: Goodwill arising on acquisition and consolidation Pre-acquisition and post-
A. Board of Directors Best Buy's Board is elected by the shareholders to oversee the business and affairs of the company. The board counsels, advises and oversees management wi
Indications of inapplicability of Going Concern Unfortunately, Insolvency is a development industry as the economy suffers a down turn and consequently for a majority of enter
Brand Names - Audit Process Few companies in current years have placed valuations on the brand names of the goods such they sell. On the balance sheet the valuation is shown.
describe how the auditors would determine that all investments income from shares had been properly recorded in the accounting records
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
Goodwill and Business Combinations - Intangible Assets Goodwill is the one of most strange of all assets since it cannot be differentiate from the business. It cannot be sold
I have a auditing case study i need to complete in chapter 8 of Auditing & Assurance service (fifteenth edition) by Alvin A. Arens, Randal J. Elder and Mark S. Beasley. I don''t kn
(i) Overview of the audit process (a) Identify the key steps in this framework/ concept. (b) Briefly explain each of the key steps, in your own words. (ii) Framework of cr
State four factors considered determining sufficiency of audit evidence
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