Audit and assurance revision question on accounting treatment (NBAA MAY 2017)

As an auditor of an entity you are examining clients accounts and you find that:

  • An iintangible asset not included in the list of assets (not accounted for) and not amortized
  • An asset valued at an open market value to the amount that was in access of its carrying amount and the excess has been credited to revaluation reserve.


State the main points to which you will direct attention in each of these circumstances.

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