E. AUDIT EVIDENCE 1. 2. 3. 4. 5. 6. The Use of Assertions by Auditor Audit Procedures The Audit of Specific Items Audit Sampling and Other means of Testing Computer-Assisted Audit Techniques Not-for-Profit Organisations The Use of Assertions by Auditor What are substantive procedures? Substantive procedures are tests to obtain audit evidence to detect material misstatements in the financial statements. Substantive procedures generally include analytical procedures and test
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be done on assets such as investments in stocks, or intangible assets such as patents and trademarks. The absolute value models determine the present value of an asset. The relative value model determines the value based on the market prices of similar assets. Option pricing models are used for warrants, call options, and etc. (Investopedia.com) Depreciation is a method of allocating the cost of an asset over its life span. This is usually done by businesses for long-term assets for tax and
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Food for Thoughts 1. ASC 805-10-55-2 Business combination an acquirer might obtain control of an acquire in variety of ways, cash, cash equivalents, or assets. 4million-acquisition costs. ASC 805 – 30-25-5 The consideration the acquirer transfers in exchange for the acquire includes any asset or liability resulting from a contingent consideration arrangement. 20million- contingent consideration. ASC 805-30-30-11 The portion of the fair-value based measure of the replacement award that is part
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thousands | Period Ending | Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | | Assets | Current Assets | | Cash And Cash Equivalents | 4,868,000 | 3,045,000 | 1,437,000 | | Short Term Investments | - | - | - | | Net Receivables | 13,693,000 | 14,701,000 | 14,780,000 | | Inventory | - | - | - | | Other Current Assets | 4,145,000 | 5,239,000 | 4,637,000 | | Total Current Assets | 22,706,000 | 22,985,000 | 20,854,000 | Long Term Investments | 4
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Financial Analysis 1 (A) Background Information Period Ending Dec 28, 2013 Dec 29, 2012 Dec 31, 2011 Assets Current Assets Cash And Cash Equivalents 669,000 912,000 1,312,000 Short Term Investments - - - Net Receivables 442,000 428,000 398,000 Inventory 294,000 313,000 273,000 Other Current Assets 286,000 272,000 338,000 Total Current Assets 1,691,000 1,925,000 2,321,000 Long Term Investments 53,000 72,000 167,000 Property Plant
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Answers Diploma in International Financial Reporting 1 (a) 1. Consolidated income statement for the year ended 30 September 2005 Revenue (W1) Cost of sales (balancing figure) Gross profit (W2) Distribution costs (7,000 + 6,000 + (6,000 x 35% x 4/12)) Administrative expenses (8,000 + 7,000 + (7,200 x 35% x 4/12)) Operating profit Investment income (W3) Finance cost (W4) Profit before tax Income tax expense (7,000 + 1,800 + (3,600 x 35% x 4/12)) Profit for the period Attributable to Minority interest
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Question 1 Define the following: Asset: An Asset is something of value owned by a business. Assets may include Cash and Receivables, Inventory, Supplies, Equipment, Land and Buildings. Assets may also include intangibles such as goodwill and trademarks, service marks, and patents owned by the business. Current asset: A balance sheet which equals the sum of cash and cash equivalents, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that could be converted to cash
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1611—PERFORM PRELIMINARY ANALYTICAL PROCEDURES PROFIT AND LOSS ACCOUNT | | | | | | | | Objective: To perform a high level analytical review of the P&L numbers to identify risk and highlight areas of audit focus. The figures have been taken from the TB Module. | | | | | | | | | | Conclusion: O/S. | | | | | | | | | | PROFIT AND LOSS ACCOUNT | Current Year | Prior Year | Difference | Difference | | | | 200X | 200Y | % | £ | |
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Revenue Recognition Method 4 2.2 Major Types of Operating Expenses 5 2.3 Significant changes in operating revenues and expenses 5 2.4 Other items on the income statement 6 3. Balance Sheet 7 3.1 Current and long-term assets 7 3.2 Current and long-term liabilities 9 3.3 Major Components of Stockholders’ Equity 10 3.4 Significant Changes in the Balance Sheet 10 4. Statement of Cash Flows 11 4.1 Major Adjustments to Net Income
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Intellectual Capital Disclosure Practices and Effects on the Cost of Equity Capital: UK Evidence Researchers: Musa Mangena Richard Pike Jing Li Intellectual Capital Disclosure Practices and Effects on the Cost of Equity Capital: UK Evidence by Musa Mangena Richard Pike Jing Li University of Bradford Published by The Institute of Chartered Accountants of Scotland CA House, 21 Haymarket Yards Edinburgh EH12 5BH First Published 2010 The Institute of Chartered Accountants of Scotland
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