Audit of current assets, Auditing

Audit of Current Assets

Verification of Work and Stocks in Progress

Authoritative documents: IAS 2/ISA 500/501

IAS 1 Preparation of financial statements requires inventories to be disclosed separately and the accounting policy adopted to be disclosed.

An IAS 2 inventory prescribes the accounting treatment for inventories, except:

a) Work in progress (WIP) arising under construction contracts (IAS 11 Construction Contracts);

b) Financial instruments (IAS 39 Financial Instruments); and

c) Biological assets that are related to agricultural activity and agricultural produce at the point of harvest (IAS 41 Agriculture).

Posted Date: 1/25/2013 2:54:12 AM | Location : United States







Related Discussions:- Audit of current assets, Assignment Help, Ask Question on Audit of current assets, Get Answer, Expert's Help, Audit of current assets Discussions

Write discussion on Audit of current assets
Your posts are moderated
Related Questions
Sundry Debtors and Loans Sundry debtors and loans are not generally material assets of companies another than those companies whose business is to create loans.  We shall cons

Question: "The planning, testing, and evaluation of audit evidence for indicia of fraud are unlikely to be successful without that attitude, particularly because fraud is a cri

The modern approach allows one audit of an auditable entity with one comprehensive report. One additional advantage is that this approach assists in staff development and retention

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

Sufficiency - Sources of evidence The audit evidence should in total enable the auditor to form an opinion on the financial statements.  Sufficiency is a measure of evidence o

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

Higher  normal risk Several audit assignments involve high audit risk and usually in any client there will always be at least one high risk area.  Indications that an audit has

Financial Statements Rely All Financial providers people must be sure that the financial statements can be relied upon. It should be noted that: 1. The auditor himself must be

Advocates The statutory provision regulating the handling of client’s monies is covered in the advocate's act. Principle of the rules: To require a lawyer to keep

types of EDP accounting system and impact of EDP accounting controls