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.

REQUIRED:

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

%d bloggers like this: