Audit procedures

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Audit substantive procedures for non current assets.

Asset is resource controlled by an entity as the results of past events and from which future economic benefits are expected to flow to the entity. A non current asset is the asset that is unlikely to turn into unrestricted cash within one year of statement of financial position date.

The following substantive procedures should be applied for verification of

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Revision question on audit evidence (NBAA,B3,NOV 2018)

(a)    In accordance with ISA 501: Audit Evidence – Specific Considerations for Selected Items, outline what an auditor should do:

(i)    To obtain sufficient appropriate audit evidence regarding the existence and condition of inventory where inventory is material to the financial statements.

(ii)   Where physical inventory counting is conducted at a date other than the date of the financial statementsRead the rest