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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).
Procedures that Auditor Adopts The auditor’s procedures will include: (1) Getting an understanding of the entity as a whole in order to see the accounting system in proper per
Internal audit is an independent assessment function which is recognized by the management of an company for the review of its internal control system as a service to the company.
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