Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
IAS 36 Impairment of Assets
It is very necessary for the auditor to determine the client's method for determining and accounting for impairments. Corresponding IAS 36, 'impairment' has occurred whereas recoverable amount has fallen under the asset's carrying value. The recoverable amount is higher of total seems value and value in need economic value.
The stages of the audit in this area could be:
1. Confirm where the enterprise has carried out other impairment checks and review the authority of the conclusions reached as to further whether analysis of impairment was essential.
2. Whether the client has concluded which no extra work is required and the auditor concurs, further no more audit work is needed. Conversely the audit disagrees and considers which the value of some assets has been impaired, then it is required to argue the matter along with management. Whether no further action is taken through management means it may be compulsory to question a modified audit report providing a qualified opinion based on the disagreement along with detailing and management the reason of the disagreement. Obviously, in majority of cases extra action will be taken through management and a customized report will not be required whether the auditor is satisfied along with such further action.
3. Whether the client has concluded such impairment checks are required, the auditor will review the stages of the impairment verify, paying specific attention to:
the reliabity of audit evidence defers with source is that true
Communication with the expert If the auditor intends to use the work of an expert then he must communicate with the expert well in advance to confirm the terms of engagement an
Blowing the Whistle on Former Partners On St. Patrick's Day in 1992, Chambers Development Company, one of the largest landfill and waste management firms in the United States, a
Forms of Evidence Observation , is mostly witnessing internal book-keeping procedures and system control. It involves attendance at wages pay out. Observation of stock-ta
An audit helps stay track of where the currency or money is going and makes sure the money is going anywhere it is believed to and not in someone''s pocket. An audit may also help
General advantages and disadvantages of joint audits Advantages: All work and fees are welcome to audit firms. An opportunity to closely inspect the auditing methods
The Concept of Audit Evidence Auditing is an evidence gathering exercise. It is an exercise carried out to confirm the assertions made by the management in carrying out the man
Audit of Accounting Estimates An accounting estimate is described in ISA 540 Audit of Accounting Estimates as 'an estimation of the amount of an item in the absent of a precis
Key Audit Areas - Building Society 1. The auditor must examine the process for checking deeds on receipt from the lawyers to ensure such they are complete in accordance along
Ask Describe the weaknesses in internal control and recommend improvements in Swan’s procedures for the purchase, receipt, storage and issue of raw materials. Organize your answer
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd