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Existence - Plant and Machinery
However this should generally be checked through physical inspection, so a problem arises. Items of machinery and plant can be numerous mobile, valuable and portable. Therefore it becomes difficult for the auditor to be assured which the value attached to machinery represents plant and plant machinery which usually exists for the balance sheet date. Therefore we shall digress a little and think about a record which is crucial in surly the existence of fixed assets within this type and this is the fixed assets register.
The fixed asset register is an essential independent register such auditors invariably encourage their clients to continue. Since it to be a truly independent registers that the person maintaining it should have no task for:
a) Authorizing or ordering the purchase of fixed assets.
b) The custody of the fixed assets.
c) Authorizing the disposal of fixed assets.
d) Maintaining common ledger accounts.
e) Custody of readily possible assets.
Tangible Non Current Assets The verification approach is fundamentally similar in each of these. Extensive disclosure is utilized in most countries and IAS 16 Property Equipm
Auditors Procedures - Disclosure and Presentation 1) Ascertain that what steps the client uses to identify suppliers, selling on terms that reserve title by enquiry of those c
Assets held for Sale - Audit Process A non-current asset or disposal collection is classified as held for sale whether its carrying amount will be recovered principally via a
What is the meaning of it?
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
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 inv
Information in the Fixed Assets Register The register can obtain the following information: i. Fixed asset number. ii. The cost and the date of purchase. iii. Descrip
Relevance The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contained in the financial sta
You are auditing the accounts receivable balance of a cable television provider. Individual accounts receivables tend to be similar in amount to each other and cover one or two mon
Need of Assertions in Obtaining Audit Evidence Management is responsible for the fair presentation of financial statements which reflect the nature and operations of the entit
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