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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.
auditor is a watch dog not a blood hound
An internal audit is one which is conduct by the internal auditors of the company. It is not mandatory for the company and the company just conducts it to keep a check on the opera
Matters of Audit Process Another matter to be covered as: 1. Accounting policies: these should be uniform all over the group and should be properly disclosed. 2. Consoli
Specialized Audit Situations Companies carry on thousands of different types of trade, business or professional activities. It is not possible in a manual on general auditing
Current Audit File The current audit file may involve inter alia: a) A copy of the audited financial statements and other report prepared such as a conclusion of audit work
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
expalining the meaning of audit test data
Banks The Authoritative documents are: The Central Bank of Kenya Act, The Companies Act Cap 486. IAS 30 Disclosure in the Financial statements of Banks and Similar
during the preliminary stage of an audit, an auditor most likely would not do the following
Initial Identification - Intangible Asset Subsequent to initial identification, an intangible asset is carried at: a) Cost, less any accumulated amortization and any accumu
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