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Issues for Finance Leases
For the leases such have been categorize as finance leases, a model uses to be checked for the following issues:
(i) Check technique used to split capital and interest
(ii) Check the technique is appropriately applied to lease payments
(iii) Check reduction which is based on the shorter of the lease term and the needful life of the asset to the lessee.
In addition 'normal' audit tests verification of the asset as for many non current assets. Whether the lease has been classified as an operating lease, then a check is required of the manner in which the rentals have been charged to the income statement. A check should be made on the physical existence also of the asset whether at the time of the audit the lease is still in existence.
Finally regard should be made to the possibility of assets being held within leases also being shown in normal noncurrent assets in the balance sheet. This is principally relevant to operating leases whether the existence of a physical asset at the balance sheet date have to be required to support the inclusion of the asset in the non current asset account.
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
Your firm has recently been appointed auditors of the Social Transport Corporation and you are commencing the audit of the wages system. The Corporation has about 2500 employee
impact on audit report of going concern
Method of corrercting evidence?
The modern integrated audit approach combines elements of various traditional audit areas having financial, operational, and information technology.
types of EDP accounting system and impact of EDP accounting controls
Managements interest in the accounting system Management needs complete and accurate books of accounts because: There is no other way the business can be controlled; Rec
Providers of Funds A further point to note is that modern companies can be very large with multinational activities. Preparing accounts for such a group becomes a very complex
Valuation - Auditing Process IAS 16 requires that all assets for use through the business have been valued on the basis of depreciated historic costs along with one exception.
what is internal audit standardizes.
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