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Extra resources for ACCA P7

Sample text

If the provision involves a calculation, it should be re-performed (with any assumptions assessed for reasonableness). Goodwill Accounting issues Goodwill is the difference between the fair value of the consideration paid, less the fair value of the net assets acquired. It is most likely to be seen on the exam where there has been an acquisition. Goodwill represents an intangible asset. However, unlike most other intangibles, it is not amortised. should be assessed for impairment on at least an annual basis.

G. client has grown rapidly) ● Personality conflict ● Independence reasons ● Conflict of interest ● Audit firm chooses not to seek re-election. : ● Does firm have the time to do the audit and meet client deadlines ● Does firm have the staff and resources ● Professional clearance – any issues raised by the outgoing auditors ● Ensure that outgoing firm correctly removed / resigning ● Assess integrity of the client and its directors ● Assess risk of the client. It may be possible to obtain some audit paperwork from the outgoing auditor.

As such, normal audit work for properties applies: o Inspect property to confirm existence (and that company is not owneroccupying) o Inspect title deeds and land registry records to confirm ownership o Inspect copy of latest valuation document o Assess independence, qualifications, experience of the valuer o Inspect FS to ensure all necessary disclosures are included. Ensure gains and losses on revaluation have gone to the Income Statement. Leases Accounting issues There are 2 types of lease – operating leases and finance leases.

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