For every of the following independent situation, discuss the issue and describe the impact on the audit record with provide examples i. During the audit, the crew discovers that one of the five improvement projects, valued at RM880,000 and included as intangible assets, does no longer meet the criteria for capitalisation. The finance director does not intend to alternate the accounting remedy adopted as she considers this an immaterial quantity.

For every of the following independent situation, discuss the issue and describe the impact on the audit record with provide examples i. During the audit, the crew discovers that one of the five improvement projects, valued at RM880,000 and included as intangible assets, does no longer meet the criteria for capitalisation. The finance director does not intend to alternate the accounting remedy adopted as she considers this an immaterial quantity.

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter12: Auditing Long-lived Assets And Merger And Acquisition Activity

Section: Chapter Questions

Problem 27CYBK

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Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.

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For every of the following independent situation, discuss the issue and describe the impact on the audit record with provide examples

i. During the audit, the crew discovers that one of the five improvement projects, valued at RM880,000 and included as intangible assets, does no longer meet the criteria for capitalisation. The finance director does not intend to alternate the accounting remedy adopted as she considers this an immaterial quantity.

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