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May I ask, is it always a procedure for auditors to agree the carrying value of the NCAs for instance, YE 31 Dec with 1 Jan of next year?
Yes, it is. In fact all opening balances should be checked to last year’s closing balances.
If you didn’t a fraudulent company could, for example:
Dr NCA Cr Reserves ‘between years’ to make the company look more substantial, or
Dr Reserves Cr Cash to get money out of the company.
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