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Goodwill and Fair Value
The main points the auditor needs to verify for any goodwill arising in the accounting period are as follows:
(i) Examine the procedure used to find out the fair price of the consideration provides to purchase the shares of the subsidiary and the fair price of the net assets in the subsidiary on the date of acquisition. The rare verification procedures must be used, rather the auditor should consider the requirement for an expert valuation.
(ii) The accounting treatment of the goodwill at one it has been quantified requires to be ensure it is being accounted for incompliance along with IFRS 3
(iii) A check is required which the detailed disclosure requirements of IFRS 3 are complied along with.
Procedures followed in Conducting an Audit Procedures generally followed in conducting an audit by more than one firm of accountants and the division of work between them.
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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.
Relevance - Sources of evidence The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contain
procedures for verifying a fixed assets
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