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The main accounting issue with intangibles in exam questions tends to be impairment. org C H A P T E R 4 – A S S I G N M E N T S I: T H E A U D I T O F F IN A N C I A L S T A T E M E N T S Audit work ● Agree cost of intangible to purchase documentation ● Analyse trend of income generated by the intangible (both in the past, and future forecasts) to assess impairment ● Compare accounting treatment with previous examples in this company, and with similar examples in the industry. Assets held for sale and discontinued operations Accounting issues Assets held for Sale Where a company has: ● Decided to sell an asset ● Made the asset ready for sale by the year-end ● Is actively trying to sell the asset at the year-end, and expects a sale within 12 months.

If the laws of their country force a reference to the expert to be made, the auditor must add a note to the audit report making clear that they retain full responsibility for the audit opinion (this is the same situation in a Group audit where there are Component Auditors). External auditors may wish to place reliance on the client’s internal audit provider, as they may have done work that is very relevant to the external auditor. Similar issues as explained above will need to be considered before any reliance can be placed.

How material are the mistakes they are making? Evidence / Procedures When a question asks for audit procedures, remember that there are some useful checklists: ● What documents would be available. ● Any 3rd Parties who can provide written confirmations. ● Would a written management representation help. ● What post year-end events may have occurred, that would help assess the year-end accounting treatment. ● Could this have happened in previous years – if so compare. g. e. not accountants/auditors).

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