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Issues in Audit of Intangible Assets
The two key issues in such audit of intangible assets are:
(a) Recognition of intangible assets
The audit problem here is to make sure that all the requirements of IAS 38 are net before intangible assets are identified. The identification, measurement and distinction among 'research' and 'development' expenditure are potentially tricky areas for the auditor.
(b) Measurement after initial recognition
Intangible may only be revalued upwards some times in practice this may be rare whether an active market in them exists. Whether an active market does exist evidence of valuation will be available. Active markets are usual in many industries. As for example fishing quotas in the fishing industry may be purchased through a company at Kshs. per ton. This increase can be shows in the financial statements through the company provided such it is verifiable from observed activity of selling and buying of quotas on the market and the verification of value evidence.
Party Disclosures used by IAS 24 IAS 24 utilized the following related party disclosures that 1. Nature of relationships between subsidiaries and parents, even whethe
In performing a test of controls for sales order approvals, the CPAs stipulate a tolerable deviation rate of 8 percent with a risk of assessing control risk too low of 5 percent. T
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Role of Accountant The Accountant's Role Every year a lawyer who such handles client's money is used to created to the Law Society of US a report through a qualified accoun
a. Discover Fifty strengths and Fifty weaknesses after conducting an internal audit of a company. b. What procedures could then be used to determine the most important of these?
Oversee commission staff to ensure individuals are properly trained and monitored. please provide me with some risks, controls and audit tests for the process above.
Fortex Limited, the meat processing firm, was formed in 1985 from three smaller companies. In 1993, however, after a few years of spectacular growth, the company collapsed. a)
Fraud and Error ISA 240: the Auditor’s duty to Consider Fraud and Error defines that whenever planning and performing audit procedures, computing and reporting outcomes thereby
Length: 2000 words Submission method options Alternative submission method Task Question 1 (5%) Case: Battersby and Associates Chartered Accountants is a successful mid-tier ac
project report on absorption of overhead and its different method
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