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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.
Valuation - Detailed Audit of Stock IAS 2 prescribes such stock be priced at the lower of price and net realizable price, It is up to the auditor to ensure that net realizable
Types of Transaction - Related Party Fundamentally two types of transactions which arise between a related party and a company as: A. It is usual for members of a collectio
Non-Attendance at Stock Takes Whether the auditor is unable to attend a stock take, since he has numerous clients along with the same accounting date, or stock is situate at r
Cost and Authorization - Auditing Process The cost of building and land acquired while the year should be vouched to suitable documentation.These are contract of sale, surveyo
Develop a list of tasks the auditor should perform in planning this audit engagement, before any audit testing begins. Ans: It is in the interest of both client and auditor t
Liability to third parties For long time liability to third parties existed only in respect to physical damage. Liability for financial loss is a current development. Illustra
distinguish between early audits and modern audits
Necessity of Accountant The accountant is not necessary To expand his enquiries beyond the information enclosed in the relevant documents as supplemented through such e
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
Reference to an expert in auditor’s report When issuing an unmodified auditor’s report, the auditor must not refer to the work of the expert. This is because such a reference m
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