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Leasehold Property - Audit Process
Exactly the same process is adopted for leasehold buildings and land as applied about freehold buildings and land except in the matter of depreciation. Here is no split between buildings and land while it is leasehold. The buildings and land are amortized over the life of the lease even if the buildings should an economic life longer than which of the lease. The argument for this is such the landlord after the end of the lease can comfortably inquire you to go and take your building and he wants his land back. The term required is amortization not depreciation.
Share and deposits Shares may consist of subscription shares and paid up shares. Interest on shares might be credited to the accounts rather than being paid to ensure proper co
Is an audit 100% guarantee?
People do not plan to fail, they fail to plan. Planning is an essential feature of an effective audit. The most effective plan is one that is reduced to writing, outlining the au
Presentation and Disclosure - Audit Process Specific presentation involves presentation in accordance along with the suitable IFRS/IAS or International Accounting Standards.
Initial Identification - Intangible Asset Subsequent to initial identification, an intangible asset is carried at: a) Cost, less any accumulated amortization and any accumu
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
Existence - Detailed Audit of Stock In the previous the auditor accepted a director's certificate as to the existence of stocks. Until some cases specifically in the United S
internal control procedures to be put in place when purchasing a motor vehicle
Describe How does the internal audit differ from an external audit? Ans) Internal audit nothing but the checking the product that you formed. External audit is checking you
Describe the management system within your case study business. Assess the risk of fraud in this business, and suggest methods for detection Management system in this ca
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