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Plant and Machinery - Valuation and Authorization
Valuation
Valuation is at depreciated historic costs. Auditor's duty is to make sure that the accounting policy for depreciation is suitable. Assuming an example whether the diminution in value of an asset is related largely to time it would not be suitable to require a reducing balance method since rather straight-line method should be required. The auditor has to make sure about the accounting policy is in accordance along with IAS 16. Whether he has to consider the needful lives of the assets are suitable and he has to verify that the calculations are correctly made.
Authorization and Cost
Significant plant and machinery acquired during the year is vouched to supporting documentation such as supplier's cash books, local purchase orders, invoices, approved budgets, etc. The auditor must ensure which the related expenditure that as carriage inwards, installation charges have been involved as suitable.
(a) In order to draw reasonable conclusions, an auditor is required to identify and use audit procedures to gather audit evidence. You are required to identify and explain, five
Fraud and Error ISA 240: the Auditor’s duty to Consider Fraud and Error defines that whenever planning and performing audit procedures, computing and reporting outcomes thereby
For each of the following independent situations, state whether you agree or disagree, and briefly explain your answer. (a) Materiality is used only at the planning stage of the
Valuation - Long Term Contracts The basis of valuation should be cost plus attributable profit as benefits less foreseeable losses and progress payments both receivable and re
Qualities for Final Accounts The qualities needed of the final accounts: the final accounts must possess specified qualities and these are: a) Utilize of acceptable account
IAS 28 - Audit Process IAS 28 applies in accounting for investments in associates, except those held through: Venture capital organisations, or Mutual funds,
Related Parties - Audit Evidence IAS 24 prescribes the disclosures essential to the possibility to draw attention which the financial position and loss or profit of an entity
Basic Elements of a Management Representation Letter Whenever requesting a management representation letter, such the auditor would request which it be addressed to the audi
only needs to be 2 - 3 pages and I need help with an audit plan is to look like
Judgmental Sampling The Judgement sampling is where, auditor using his own experience and awareness of the client's business and situations selects the sample to be tested with
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