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Audit Approach - Audit of Accounting Estimates
The accounting and auditing matters are mainly concerned along with recognizing the point in time at that the initial disclosure even happens, and also ensuring about lonely suitable costs are involved in any provision for restructuring such is established. Suitable formats must be required for the information to be disclosed.
The key auditing issues arising are such the auditors should confirm when they agree along with the company's view as to require for disclosure of proposed or real discontinuance, and which they agree that the company's disclosures are suitable for.
Typical process would involve:
(i) Determine the client's policies and process in respect of discontinuing operations
(ii) Review board minutes and another relevant management documentation
(iii) Make enquiries of management in important disposals of investments and assets
(iv) Examine after date information
(v) Confirm the makeup of discontinuing operations through reference to supporting such documentation.
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
auditor is a watch dog not a blood hound
Forms of evidence a) Observation: is usually witnessing internal control and book-keeping procedures. It includes attendance at wages pay out. Observation of stock-take, open
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Pension Funds Pension funds are set up by companies or other organizations: (a) To administer the pension payable to retired employees and (b) Ensure that funds are available
The Concept of Audit Evidence Auditing is an evidence gathering exercise. It is an exercise carried out to confirm the assertions made by the management in carrying out the man
You are the external auditor of Apex tour Ltd, a company which promotes New Zealand tours to Australia and owns chain duty free shops. You have been auditing the company since it w
if a proxy is voted as per his judgement other than member prescribed to him... what is the action to be taken?
Share and deposits Shares may consist of subscription shares and paid up shares. Interest on shares might be credited to the accounts rather than being paid to ensure proper co
Advantage and Disadvantage of Judgmental Sampling The advantages of judgment sampling The approach is understood as well and has been refined through experience o
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