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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).
Counter - Indications That the auditor has found indications of going related to non-applicability does not of itself justify instantly conclusion that the entity is not a goi
information included in current file in auditing
Reserves - Audit Process Movements in reserves need disclosure in the balance sheet, the loss and profit account, the director's reports or in the notices to the accounts. The
how EDP audit is carried out
Techniques of obtaining evidence ISA 500 mentions them as: (a) Inspection of records or documents, (b) Inspection of tangible assets, (c) Observation, (d) Inquiry, (e) C
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
Advocates - Specialized audit Situation The statutory provisions regulating the handling of client's monies are covered in the advocate's act. Reason of the rules:
With internal audit we always require to be careful of any manipulations within the company itself. Errors & frauds within the company cannot be denied /overlooked at any cost.
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