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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.
discuss the verification procedure of current assets and long term liabilties
In order for auditor to perform audit as per GAAS, only programming independence is required from the audit client. Ans: Yes I agree with the statement as: Programming independe
Assertions about disclosure Assertions about disclosure and presentation : a) Rights and Occurrence and obligations -disclosed transactions and events and other issues
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
Auditor Further point to note is which modern companies can be exclusively large along with multi-national activities. So preparing accounts for that a group becomes a widely
Objectivity - External Auditor Report Many accounting figures are subjective and contain substantial terms of subjective judgment. Many more business transactions have financ
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 de
Negligence in General There is no case against auditors and this made it hard to be accurate as to where the auditor’s legal liability falls. We require therefore referring to
In June 2004, Feltex Carpets Limited raised NZ $254 million in an initial public offering. Twenty seven months later the company was in receivership, its share price having collaps
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
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