Audit process - disclosure and presentation , Auditing

Disclosure and Presentation - Audit Process

IAS 16 provides exclusive disclosure requirements.

Fixed assets should be split into appropriate classes and the following should be disclosed:

a) The depreciation methods used

b) The useful lives or the rates of depreciation used

c) The total depreciation for the period and

d) The gross amount of depreciable assets and the related accumulated depreciation

The split between freehold and leasehold land must be shown together with the split between long and short term leases.  Presently where the client has fully depreciated assets which are material their cost and notional depreciation charge is also disclosed.  Where fixed assets have been revalued and incorporated in the accounts then also the qualification of the valuer, the address of the valuer, the name of the valuer, and the date of valuation also must be disclosed.  The modification of the historical cost accounts must also be disclosed as a note to the accounts.

Posted Date: 1/25/2013 2:06:51 AM | Location : United States







Related Discussions:- Audit process - disclosure and presentation , Assignment Help, Ask Question on Audit process - disclosure and presentation , Get Answer, Expert's Help, Audit process - disclosure and presentation Discussions

Write discussion on Audit process - disclosure and presentation
Your posts are moderated
Related Questions
how to operate distribute amount and section rate also provision party bill

auditor is a watch dog not a blood hound

Normal audit risk Indications that an audit is a normal risk audit are: (1) The client having management and staff who are competent and have integrity; (2) Where the client h

Audit Approach The auditor: 1) Must get the cooperation of the client, as simply the client can authorise third parties that communicate along with the auditor. 2) Choos

challenges facing sasini company"s audited statements

IAS 28 - Audit Process IAS 28 applies in accounting for investments in associates, except those held through: Venture capital organisations, or Mutual funds,

Determinants of amount of audit evidence

Process to Adopt Liabilities It is significant that the auditor realises which such liabilities can exist and he should obtain reasonable steps to unearth them whether they ex

Business Risk Analysis Business risk can be analyzed between external and internal risks: External risks: Changing legislation (e.g. minimum wage) Changing inter

Documentation of Representations by Management The auditor would ordinarily involve in audit working papers evidence of management's representations in form of a summary of or