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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. As IAS 16 states which freehold land should not be depreciated except in the event which the reduction in value is because of depletion through assuming an example mining or because of changed economic circumstances. The cause for not depreciating freehold land is simply apparent where one looks at the definition of depreciation.
Depreciation is the portion of historic costs over the needful life of the asset. As freehold land has no finite needful life, then there is no basis for calculating depreciation. Freehold buildings have been depreciated and the auditor might check which the estimated needful life is reasonable and which the calculations have to be correctly made. Therefore the split between freehold buildings and the land on such land must be established being reasonable.
Existence - Detailed Audit of Stock In the previous the auditor accepted a director's certificate as to the existence of stocks. Until some cases specifically in the United S
With internal audit we always require to be careful of any manipulations within the company itself. Errors & frauds within the company cannot be denied /overlooked at any cost.
if a proxy is voted as per his judgement other than member prescribed to him... what is the action to be taken?
WHAT ARE THE MAJOR PROBLEMS INVOLVED IN THE USE OF A PERSONAL COMPUTER BASED PC SYSTEM BY A SMALL COMPANY
Disclosure and Presentation - Audit Process IAS 16 provides exclusive disclosure requirements. Fixed assets should be split into appropriate classes and the following shoul
In order for auditor to perform audit as per GAAS, only programming independence is required from the audit client. Ans: Yes I agree with the statement as: Programming independe
share issue discount
describe how the auditors would determine that all investments income from shares had been properly recorded in the accounting records
Fairness - Auditing The word fair can have the following meanings: on the other hand clear, plain and distinct and on the one impartial, equitable and simple. When fair is
what is confirmation letter?
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