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Investment - Audit Process
The investment is held for wealth generation that as interest and dividends on shares and capital growth and loan notice. Recent investments are readily considered and are intended to be held for not much more than one year. Other investments are long term investments.
The investments in associates, subsidiaries and joint ventures utilize special accounting procedures for the preparation of additional financial statements - the group accounts, otherwise identified as consolidated accounts. Like from your earlier studies you must be familiar along with the definitions relating to the group accounts. See an example a broadly, subsidiary is more than 50% under controlled, and a concerned company is one over that an entity has a 'significant influence' as evidenced through at least a 20% on holding. Long term investments can be carried at cost or the lower of cost and revalued amounts market value determined on a portfolio basis decided through the director. The carrying amount of a long term investment must be reduced to identify impairments in price.
Whereas long term investments are carried on market value a consistent policy must be adopted whereof decreases or increases in the carrying amount should either go with the income statement, or through a revaluation account in equity. To the extent such there is no revaluation surplus concerning to a particular asset, other deficit must be charged to income. Whenever assets carried on market value are disposed of the company must adopt a policy of crediting outstanding revaluation surpluses to either retained, or income earnings. Recent investments can be carried on market value or on the lower cost or on market value.
Procedures When Fraud is suspected Whenever the auditor encounters situation that might indicate that there is a material mis-statement in the financial statements resultant fr
Wal-Mart Locate the 2009 Form 10-K for Wal-Mart in Appendix A and consider the following questions: 1. With respect to the report of the external auditors to "the Board of Directo
Advantages of Fixed Assets Register There are several advantages if the register properly maintained: a) There is an independent record of all fixed assets showing particul
Final Review of the Financial Statements The work we have considered so far has shown which the auditor first gathers facts that the enterprise and the environment it operates
Q. Explain about Wash Sale? Wash Sale - A wash sale takes place if stock or securities are sold at a LOSS and seller acquires substantially identical stock or SECURITIES 30 day
project report on absorption of overhead and its different method
Disclosure and Presentation - Audit Process IAS 16 provides exclusive disclosure requirements. Fixed assets should be split into appropriate classes and the following shoul
Valuation - Detailed Audit of Stock IAS 2 prescribes such stock be priced at the lower of price and net realizable price, It is up to the auditor to ensure that net realizable
factors that influence auditors judgement on sufficiency of audit evidence
Qualities for Final Accounts The qualities needed of the final accounts: the final accounts must possess specified qualities and these are: a) Utilize of acceptable account
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