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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.
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
#quInternal Audit checklist for fixed assetsestion..
AsList and define five audit procedures for obtaining audit evidence. (ii) Why is it necessary to obtain corroborating evidence for inquiry and observation? (iii) What is the dif
Attempts to define True and Fair It must be concluded that there has been slight attempt precisely to define fair and true. The Companies Act needs an auditor to report in
Reporting to the members Except the faults and irregularities outcome in the accounts not giving an accurate and fair view, or do not conform to statute, or appropriate books h
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, 'impai
Provision and Accruals Previous to we consider the audit procedures along with regard to accruals and provisions, it is essential to clarify the meaning of two words in genera
Valuation - Long Term Contracts The basis of valuation should be cost plus attributable profit as benefits less foreseeable losses and progress payments both receivable and re
Assets held for Sale - Audit Process A non-current asset or disposal collection is classified as held for sale whether its carrying amount will be recovered principally via a
Accounting Principles - Intangible Assets IFRS 3 prescribes the financial reporting through an entity whenever it undertakes a business combination. A business combination is
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