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Disclosure and Presentation - Audit Process
IAS 16 provides exclusive disclosure requirements.
Fixed assets should be split into appropriate classes and the following should be disclosed:
a) The depreciation methods used
b) The useful lives or the rates of depreciation used
c) The total depreciation for the period and
d) The gross amount of depreciable assets and the related accumulated depreciation
The split between freehold and leasehold land must be shown together with the split between long and short term leases. Presently where the client has fully depreciated assets which are material their cost and notional depreciation charge is also disclosed. Where fixed assets have been revalued and incorporated in the accounts then also the qualification of the valuer, the address of the valuer, the name of the valuer, and the date of valuation also must be disclosed. The modification of the historical cost accounts must also be disclosed as a note to the accounts.
Work In Progress What such applies to goods for resale applies uniformly to work in progress even when the items present greater problems of valuation and ascertainment to the
The modern integrated audit approach combines elements of various traditional audit areas having financial, operational, and information technology.
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Reliance on the Work of Other Auditors The principal auditor or the primary auditor is solely responsible for the holding company's accounts. So here it is inevitable but that
Fitri, a sole proprietor in pulic practice, plans to establish a separate department that will provide internal audit service to his audit clients.
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