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Audit of Current Assets
Verification of Work and Stocks in Progress
Authoritative documents: IAS 2/ISA 500/501
IAS 1 Preparation of financial statements requires inventories to be disclosed separately and the accounting policy adopted to be disclosed.
An IAS 2 inventory prescribes the accounting treatment for inventories, except:
a) Work in progress (WIP) arising under construction contracts (IAS 11 Construction Contracts);
b) Financial instruments (IAS 39 Financial Instruments); and
c) Biological assets that are related to agricultural activity and agricultural produce at the point of harvest (IAS 41 Agriculture).
Your firm has recently been appointed auditors of the Social Transport Corporation and you are commencing the audit of the wages system. The Corporation has about 2500 employee
two advantages of an Audit to the shaire holders
Assertions about disclosure Assertions about disclosure and presentation : a) Rights and Occurrence and obligations -disclosed transactions and events and other issues
Verification Work - Audit Process At the same time the audit process will need verification work as an example: examination of costing records, allocation and verification of
Banks The Authoritative documents are: The Central Bank of Kenya Act, The Companies Act Cap 486. IAS 30 Disclosure in the Financial statements of Banks and Similar
Existence - Detailed Audit of Stock In the previous the auditor accepted a director's certificate as to the existence of stocks. Until some cases specifically in the United S
Necessity of Transactions with Related Parties Transactions along with related parties are essential for several reasons: (a) Several financial scandals including related p
Audit of Assets- Audit Process Non current assets have the fundamental characteristic which they are held for require in the business and not about resale. IAS 1 Presentation
Deposits and Share - Building Society Shares may make of subscription shares and paid up shares. Interest on shares might be credited to ensure specific control to the account
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
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