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Groud = group? (Opposite ends of the keyboard, so I thought I’d make sure!)
Now, what do you mean “What is the general audit plan for group audit work?” I have no idea what you are looking for here! Is this an expression that you have picked up somewhere and want to know what it means or is this a question from your own thinking?
Whatever the source, I still have no idea in which direction you want me to take you.
Please, give me a clue 🙂
Hi mike,
Sorry that I might need to rephrase of my sentences.
As I am wondering is there have general audit plan when we start working for group audit assignment (both for associate and subsidiary)?
(Eg. Ensure opening balance have been properly brough forward from prior period)Thanks
okhanmart, this thread already has its title and I am in the process of trying to discover what Samko is asking.
It does not help neither Samko nor me for you to jump in with a different topic.
Please, do me and all your fellow students a favour and re-post your question on your own new thread.
Many thanks
Samko, an audit is an audit is an audit. Different audits, different clients, different industries all need particular attention.
Group audits are no different than any other in that the audit planner needs to bear in mind the specifics – in the context of a group, matters that are peculiar to a situation involving a group of companies
Changes in group structure, calculation of goodwill, determination of fair values, consistency of directors’ accounting policy re nci valuation, time apportionment, provisions for unrealised profits, cancellation of intra-group sales and loan interest, confirming amount of consideration actually paid, confirming correct treatment of any deferred consideration, copies of directors’ minutes, correspondence with professional advisors, correct unrolling of discounts re deferred consideration, if negative goodwill confirm values and write-off, obtain and assess directors’ goodwill impairment review ………
Come on Samko, the list is endless! Use your imagination and your memory of P2 consolidations
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