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Monetary accounting is present process a interval of unheard of swap. The FASB and IASB were operating jointly to factor converged accounting criteria that might dramatically swap key reporting parts, and extra typically have sought to converge accounting criteria through the years. In past due 2011, the SEC will announce its choice on no matter if huge public businesses within the U.
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Accounting issues Companies will typically prepare Financial Statements under the Going Concern concept. If the company has going concern doubts, these should be disclosed in the Financial Statements. If the company is not considered a going concern, its Financial Statements should be presented under an alternative basis. org 45 C H A P T E R 4 – A S S I G N M E N T S I: T H E A U D I T O F F IN A N C I A L S T A T E M E N T S Audit work Auditors should assess the going concern status of clients by: ● Reviewing the latest trading results of management accounts after the year end.
Audit work The auditor has two main problems: o Knowing who are related parties of the client o Being able to spot transactions that have the appearance that suggests they might be with related parties. org C H A P T E R 4 – A S S I G N M E N T S I: T H E A U D I T O F F IN A N C I A L S T A T E M E N T S To identify potential related party transactions, bear in mind that if two parties in a transaction are connected, this may result in the transaction not being on commercial terms, so look out for transactions that are: o At a price other than market price o At an odd time o Between 2 companies who have no obvious reason to do business o Lacking in overall business logic!
Careful procedures on acceptance / continuance of client relationships. org CHAPTER 3 – PRACTICE MANAGEMENT ADVERTISING, FEES, AND TENDERING Advertising and publicity All businesses need to consider how they will attract clients. However, advertising and publicity are by their nature in the public eye, so care must be taken not to do anything that could be considered “unprofessional”, as this may damage the reputation of the firm, or the profession as a whole. The general principles are as follows: Clarity and accuracy There should be no comments that could be misleading, or that are simply not true No unsubstantiated claims Statements such as “we are the best auditors in London” cannot be included … unless the firm were voted “Best Auditors in London” at some awards ceremony … but the advertisement would need to make reference to this fact.
ACCA P7 by LSBF UK