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Furniture, Fixtures and Disposal of Non-Current Assets
Furniture, fixtures and fittings
The only matter here to note is the depreciation of fittings and fixtures. Since of their nature, this is mostly done on replacement basis than calculated and then charged on an annual basis. However the initial cost is capitalized and several subsequent replacements are charged to the loss and profit account as they are happen. Furniture is depreciated simply like and machinery plant.
Disposal of Non-current Assets
The matter here is authorization for disposal and the rejection of the assets related from the records. The auditor tries to make sure which the value obtained was reasonable either through looking on valuations obtained independently also from professional value's previous to the disposal and looking at the book value of the asset and concerned values for assets of such nature.
Problem 1: You have been asked to design a system of controls so as to prevent unauthorized payments being made from the bank account. You are required to identify the controls
Seek Out Transactions with Related Parties Within the course of the audit, the auditor carries out process that may identify the existence of transactions along with related
Fleet Bhd operates a chain of high street retail outlets selling clothing and household items. In 1995, this company was heading for a financial loss and was deemed to have lost st
Reference to an expert in auditor’s report When issuing an unmodified auditor’s report, the auditor must not refer to the work of the expert. This is because such a reference m
Contents of Working Papers - Audit The ISA 230 No.3 stresses which audit working papers may always be adequately complete and detailed to enable an experienced auditor along w
Sales are shipped FOB shipping point with credit terms n/45. You have verified that the last shipping number used in 2009 was 261,336 and that numbers were used in numerical order.
1. On 5 August 2012, the financial controller informed you that the board has recently received a letter from the assistant general manager, Mr. Tan. The letter contains a confessi
Audit Procedures - Intangible Assets The auditor's process as far as goodwill is relating would involve as: a) Vouching for details as per the buy agreement of the values
Why is studying Auditing different from studying other accounting topics?
Discovery of unlawful acts When an auditor discovers unlawful acts, usually he is not expected to disclose to the police or other authorities unless: The client authorise
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