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Goodwill and Business Combinations - Intangible Assets
Goodwill is the one of most strange of all assets since it cannot be differentiate from the business. It cannot be sold on it's as asset. Most difficulty is to ascribe a value to. So there is no reliable basis for find out the value of this asset.
The problem along with internally produced goodwill is trying to quantify the asset. Hence, internally produced goodwill must not be identified as an asset in accounts meant to provide a fair or true view. Since whether the auditor finds a set of accounts whether internally generated goodwill has been identified as an asset in the balance sheet then, he should be alert such this treatment is against the requirements of IAS and have accordingly qualify his report.
four factors which influence the reliability of audit evidence
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Question: Part A (i) Describe audit sampling. Why do auditors sample instead of examining every transaction? (ii) List the four factors that enter into the sample size
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
Examples of Specialists Examples of specialists or experts whose work may be relied upon include: For valuations such as land and buildings, machinery and plant,
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