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accounting principles - intangible assetsifrs 3 prescribes the financial reporting through an entity whenever it undertakes a business combination a
goodwill and business combinations - intangible assetsgoodwill is the one of most strange of all assets since it cannot be differentiate from the
ias 20 accounting for government grants and disclosuresias 20 accounting for government grants and disclosures of government assistancethe auditor
disclosure and presentation - audit processias 16 provides exclusive disclosure requirementsfixed assets should be split into appropriate classes and
furniture fixtures and disposal of non-current assetsfurniture fixtures and fittingsthe only matter here to note is the depreciation of fittings and
motor vehicles - audit processsimilar considerations govern the audit of motor vehicles as to those relating to machinery and plant the simply
information in the fixed assets registerthe register can obtain the following informationi fixed asset numberii the cost and the date of purchaseiii
advantages of fixed assets registerthere are several advantages if the register properly maintaineda there is an independent record of all fixed
existence - plant and machineryhowever this should generally be checked through physical inspection so a problem arises items of machinery and
plant and machinery - valuation and authorizationvaluationvaluation is at depreciated historic costs auditors duty is to make sure that the
issues for finance leasesfor the leases such have been categorize as finance leases a model uses to be checked for the following issuesi check
authoritative document is ias 17 leasesthe suitable technique of amortization or depreciation to require in the case of leasehold property and
leasehold property - audit processexactly the same process is adopted for leasehold buildings and land as applied about freehold buildings and land
beneficial ownership and existence existence existence of buildings and land is not hard to display you may even be sitting in such building
valuation - auditing processias 16 requires that all assets for use through the business have been valued on the basis of depreciated historic costs
cost and authorization - auditing processthe cost of building and land acquired while the year should be vouched to suitable documentationthese are
tangible non current assetsthe verification approach is fundamentally similar in each of these extensive disclosure is utilized in most countries
non current assets or fixed assetsin usual countries not current assets are commonly classified likea intangible assets patents licences development
audit of assets- audit processnon current assets have the fundamental characteristic which they are held for require in the business and not about
presentation and disclosure - audit processspecific presentation involves presentation in accordance along with the suitable ifrsias or international
beneficial ownership - audit processwe have to examine documents of title as eg title motor vehicles deeds and log books whether there are no
existence - audit processin the case of tangible assets existence is confirmed through the auditor visually considering the asset examining and
valuation and allocation - audit processas we saw assets are usually valued at cost or a valuation less a provision for usage or loss of value we
standardization of working papers - auditingthe icpak guideline states that the needs of standardized working papers may improve the effectiveness
current audit filethe current audit file may involve inter aliaa a copy of the audited financial statements and other report prepared such as a