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Issues in Audit of Intangible Assets
The two key issues in such audit of intangible assets are:
(a) Recognition of intangible assets
The audit problem here is to make sure that all the requirements of IAS 38 are net before intangible assets are identified. The identification, measurement and distinction among 'research' and 'development' expenditure are potentially tricky areas for the auditor.
(b) Measurement after initial recognition
Intangible may only be revalued upwards some times in practice this may be rare whether an active market in them exists. Whether an active market does exist evidence of valuation will be available. Active markets are usual in many industries. As for example fishing quotas in the fishing industry may be purchased through a company at Kshs. per ton. This increase can be shows in the financial statements through the company provided such it is verifiable from observed activity of selling and buying of quotas on the market and the verification of value evidence.
concept,need,advantage
procedures for verifying a fixed assets
Preferred stock valuation 1. Features of preferred stock (You may review what you've learned about preferred stock from TCA 221): a. Multiple classes in terms of convertibil
Checking consolidation papers The auditor pays particular attention to the calculation of: Goodwill arising on acquisition and consolidation Pre-acquisition and post-
Audit Function The audit functions as follows as: 1. To verify the estimation of timing differences; 2. To ensure such permanent differences have not been got into accou
ILLEGAL ACTS Auditors may uncover criminal offences committed by a client or an employee of the client. This puts them in a difficult place, though the auditor must act careful
What techniques used during an audit? Ans) ? Be professional at all times. Avoid being judgmental. ? Follow safety procedures, clean room procedures, and all other needed pr
i have assignment
List the internal controls that should be in effect solely because a EDP system is employed, classifing them as (1) Those controls pertaining to input of information and (2) All ot
what is service bureau system
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