Leasehold property - audit process, Auditing

Leasehold Property - Audit Process

Exactly the same process is adopted for leasehold buildings and land as applied about freehold buildings and land except in the matter of depreciation. Here is no split between buildings and land while it is leasehold. The buildings and land are amortized over the life of the lease even if the buildings should an economic life longer than which of the lease. The argument for this is such the landlord after the end of the lease can comfortably inquire you to go and take your building and he wants his land back. The term required is amortization not depreciation.

Posted Date: 1/25/2013 1:51:48 AM | Location : United States







Related Discussions:- Leasehold property - audit process, Assignment Help, Ask Question on Leasehold property - audit process, Get Answer, Expert's Help, Leasehold property - audit process Discussions

Write discussion on Leasehold property - audit process
Your posts are moderated
Related Questions
What document usually forms the basis of the audit team briefing?

phases of operational auditing report sample or template of companies operational audit report

#what are the procedures of conducting audit for the first time#

Fraudulent financial reporting Involves intentional misstatements or errors of amounts or disclosures in financial statements to mislead financial statement users. Fraudulent f

With reference to the case study business, plan an audit. You should make specific reference in your plan to: Scope of the audit Materiality Risk factors including fra

Auditors Responsibilities with regard to related parties ISA 550 Related Parties states which the auditor should perform audit process designed to find sufficient suitable

Audit of Group Accounts The main problems can be split into three sections in this area as: 1. The audit of the holding company confirming and obtaining information concern

Sales are shipped FOB shipping point with credit terms n/45. You have verified that the last shipping number used in 2009 was 261,336 and that numbers were used in numerical order.


Forms of Evidence Observation , is mostly witnessing internal book-keeping procedures and system control. It involves attendance at wages pay out. Observation of stock-ta