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Assets held for Sale - Audit Process
A non-current asset or disposal collection is classified as held for sale whether its carrying amount will be recovered principally via a sale transaction rather than through continuing use. That is, the asset or disposal collection is available for immediate sale and its sale is highly probable.
A non-current asset or disposal collection classified as held for sale is measured at the lower of fair value less costs to sell and its carrying amount. Any impairment loss on write-down of the asset or disposal collection to fair value less costs to sell is recognized in loss and profit. Several gains on subsequent increase in fair value less costs to sell is also recognized in loss and profit, however not in excess of the cumulative impairment loss already recognized on the asset either in accordance with IFRS 5 or IAS 36 Impairment of Assets.
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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.
Audit Sampling ISA 530 Audit Sampling and Other Selective Testing Procedures defines Audit sampling is the application of a compliance or substantive procedure to less than 10
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