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Valuation and Allocation - Audit Process
As we saw assets are usually valued at cost or a valuation less a provision for usage or loss of value. We have to ensure therefore that the accounting policy adopted in determining the amount of provision to be written off in any one year is in accordance with the relevant IAS or generally accepted accounting principles or Companies Acts requirements. The IAS often allows several accounting policies in a given set of circumstances. Hence the question can often arise as to where the specific accounting policy chosen is suitable. Frequently it falls on the auditor to decide on this suitability. He has to realize the common practice in the industry, the requirements of the fair and true view and the previous practice in the company. Although the requirements of suitability will override for the IAS itself. A policy required for valuation apart from to be suitable and acceptable, must be consistently applied within the entity, within the industry and from period to period and should be in accordance along with IAS.
However Liabilities as we said are mostly valued at cost, whether they include estimation or they are provisions for particular liabilities then they must be in accordance along with clearly stated accounting policies also. Each values should be determined on not replacement cost and a historical cost basis.
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