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Plant and Machinery - Valuation and Authorization
Valuation
Valuation is at depreciated historic costs. Auditor's duty is to make sure that the accounting policy for depreciation is suitable. Assuming an example whether the diminution in value of an asset is related largely to time it would not be suitable to require a reducing balance method since rather straight-line method should be required. The auditor has to make sure about the accounting policy is in accordance along with IAS 16. Whether he has to consider the needful lives of the assets are suitable and he has to verify that the calculations are correctly made.
Authorization and Cost
Significant plant and machinery acquired during the year is vouched to supporting documentation such as supplier's cash books, local purchase orders, invoices, approved budgets, etc. The auditor must ensure which the related expenditure that as carriage inwards, installation charges have been involved as suitable.
Non-statutory Audits The non-statutory audits are performed through independent auditors sicne the owners, proprietors, trustees, members and governing and professional bodie
Audit of Partnerships The audit of a partnership is not normally required by statute and so the auditor must agree with the client what his rights and duties are going to be. T
International, Assurance Auditing, Standards Board (IAASB) The prologue to the International Standards on Quality Control, Auditing, Assurance and Related Services is issued to
advantage and disadvantage of joint auditor?
Q. What is Withholding Allowance? Withholding Allowance -Every taxpayer is allowed to claim a withholding allowance, which exempts a certain amount of wages from being subject
Counter - Indications That the auditor has found indications of going related to non-applicability does not of itself justify instantly conclusion that the entity is not a goi
How would you value the Goodwill
Kelley Brent, CA, is a partner in a one-office CA firm that audits Dane, Inc., a closely held corporation. Kelley''''s sister was recently appointed as the chief financial officer
Process to Adopt Liabilities It is significant that the auditor realises which such liabilities can exist and he should obtain reasonable steps to unearth them whether they ex
Audit Reports - Going Concern In the vast widely of cases, the going to relate assumption is suitable and whether applied no mention require be made in the auditor's report.
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