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Motor Vehicles - Audit Process
Similar considerations govern the audit of motor vehicles as to those relating to machinery and plant. The simply matter of consideration now is ownership and existence. Motor vehicles to be mobile may not be obtainable for the auditor to physically check whenever he pays his visit. Concerned evidence can suffice to prove existence for example however we own the motor vehicle we expect that whether it is being required it will incur costs like as insurance, fuel, maintenance and repairs. The chassis and engine numbers may be checked against the log book to make sure which it is the same vehicle such we are looking on as clients have been recognized to change the registration number plates from a vehicle to another.
Beneficial Ownership
Make sure that the log book is in your client's identification.
Audit Procedures - Intangible Assets The auditor's process as far as goodwill is relating would involve as: a) Vouching for details as per the buy agreement of the values
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The agency relationship between absentee owners and managers produce a natural conflict of interest.what does it mean?
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