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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.
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Auditing appears to be a worse of time considering financial fraud cases in Zimbabwe and world over. Justify the existence of the audit profession and what to be done to improve it
Audit of Partnerships The audit of a partnership is not normally required by statute and so the auditor must agree with the client what his rights and duties are going to be. T
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