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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).
Adjusting Events - Audit Process Adjusting events are those such give evidence of conditions such existed at the balance sheet date as the settlement of a court case than the
online exam in Auditing class. the exam will be about 2 hr. Thank you
History - True and Fair International Standards on Auditing (ISAs) make it quite clear that the terms 'true and fair' and 'present fairly' which are used in audit reports in m
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
during the preliminary stage of an audit, an auditor most likely would not do the following
Trademarks and Patent Trademarks and then written off over their useful lives and patents may be capitalized along with any renewal fees being charged to revenue. Whether a tr
Indications of inapplicability of Going Concern Unfortunately, Insolvency is a development industry as the economy suffers a down turn and consequently for a majority of enter
(i) Overview of the audit process (a) Identify the key steps in this framework/ concept. (b) Briefly explain each of the key steps, in your own words. (ii) Framework of cr
Relevance - Sources of evidence The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contain
Meaning of True in Auditing Meaning of 'true and fair'/present fairly' Truth in accounting is quite different form scientific truth. Accounting does without a deal along w
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