Chapter 12 Flashcards
1
Q
what does deeds of a building prove
A
rights and obligations
2
Q
how can you prove existence
A
physical inspection
3
Q
one procedure for checking the opening balances
A
compare them to the signed copy of the FS from last year
or
compare to the prior year closing balances
4
Q
what IAS is related to non current assets
A
IAS 16
5
Q
Can you recognise an asset before you receive it
A
no
6
Q
can you recognise training costs
A
no
7
Q
can you recognise assets set up costs
A
yes
8
Q
what does cast mean in audit
A
add up total
9
Q
what must you do before you use ‘ managements experts’
A
audit the expert to confirm that they are independant
10
Q
3 ways to audit the managements expert
A
obtain an understanding of the work done
evaluate the appropriateness of the work done as audit evidence
evaluate the competence of the expert
