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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.
Bank - Cash and Bank Balances The major concern in this area is to establish the existence of the balances and more currently due to failures in some financial institutions in
Fitri, a sole proprietor in pulic practice, plans to establish a separate department that will provide internal audit service to his audit clients.
Non Current Assets or Fixed Assets In usual countries, not current assets are commonly classified like: a) Intangible assets Patents Licences Developme
auditor is a watch dog not a blood hound
Debtors - Audit Process Considering that what we have gone by on the other assets the audit work to check the figure of trade debtors should be follows as: 1) Get a schedul
Following three frameworks/ concepts are an integral part of the ‘world of auditing' which may be used by auditors throughout their audit engagements. (i) Overview of the audit
Checking Consolidation Papers The auditor pays particular concentration to the calculation of: a) Goodwill arising on consolidation and acquisition b) Post-acquisition a
Analyse the ratios in conjunction with the additional information and identify from your analysis, implications for the audit and any particular audit steps that need to be underta
Initial Identification - Intangible Asset Subsequent to initial identification, an intangible asset is carried at: a) Cost, less any accumulated amortization and any accumu
Relevance - Sources of evidence The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contain
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