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Valuation - Auditing Process
IAS 16 requires that all assets for use through the business have been valued on the basis of depreciated historic costs along with one exception. As IAS 16 states which freehold land should not be depreciated except in the event which the reduction in value is because of depletion through assuming an example mining or because of changed economic circumstances. The cause for not depreciating freehold land is simply apparent where one looks at the definition of depreciation.
Depreciation is the portion of historic costs over the needful life of the asset. As freehold land has no finite needful life, then there is no basis for calculating depreciation. Freehold buildings have been depreciated and the auditor might check which the estimated needful life is reasonable and which the calculations have to be correctly made. Therefore the split between freehold buildings and the land on such land must be established being reasonable.
Q. What is Transferred Basis? Transferred Basis - A transferred basis is the foundation of property in the hands of a transferor, donor or GRANTOR. In this sense a prior owner'
Problem : As per the Field Standard (INTOSAI), competent, relevant and reasonable evidence should be obtained to support the auditor judgement and conclusions regarding the org
In performing a test of controls for sales order approvals, the CPAs stipulate a tolerable deviation rate of 8 percent with a risk of assessing control risk too low of 5 percent. T
Current Audit File The current audit file might include inter alia: a) A copy of the audited financial statements and any report prepared as a result of audit work carried out
(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
It is a compulsory audit Completed by a CA. Finance Audit conduct by the CA to compliance the legal requirements of monitory issues.
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
Goodwill and Fair Value The main points the auditor needs to verify for any goodwill arising in the accounting period are as follows: (i) Examine the procedure used to find
Goodwill and Business Combinations - Intangible Assets Goodwill is the one of most strange of all assets since it cannot be differentiate from the business. It cannot be sold
What is the meaning of it?
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