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Existence - Plant and Machinery
However this should generally be checked through physical inspection, so a problem arises. Items of machinery and plant can be numerous mobile, valuable and portable. Therefore it becomes difficult for the auditor to be assured which the value attached to machinery represents plant and plant machinery which usually exists for the balance sheet date. Therefore we shall digress a little and think about a record which is crucial in surly the existence of fixed assets within this type and this is the fixed assets register.
The fixed asset register is an essential independent register such auditors invariably encourage their clients to continue. Since it to be a truly independent registers that the person maintaining it should have no task for:
a) Authorizing or ordering the purchase of fixed assets.
b) The custody of the fixed assets.
c) Authorizing the disposal of fixed assets.
d) Maintaining common ledger accounts.
e) Custody of readily possible assets.
a) Would King & Queen be liable to EFL? Provide specific case references to support your answer.
Audit Sampling ISA 530 Audit Sampling and Other Selective Testing Procedures states Audit sampling is the application of a compliance or substantive procedure to less than 100%
what difference between risk assessment procedure and substantive procedures? could you please provide some examples on each procedure?
Initial Identification - Intangible Asset Subsequent to initial identification, an intangible asset is carried at: a) Cost, less any accumulated amortization and any accumu
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Reliance on the Work of Other Auditors The principal auditor or the primary auditor is solely responsible for the holding company's accounts. So here it is inevitable but that
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Motor Vehicles - Audit Process Similar considerations govern the audit of motor vehicles as to those relating to machinery and plant. The simply matter of consideration now i
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