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what types of question will come in IAS 41 ? and how to audit agriculture and bilogical assets ?
Ashok, you keep asking me these questions and, to be brutally honest with you, you are just as capable of converting an accounting issue into an auditing issue as I am!
“Your client operates, as one of its segments, a dairy farm with 3,000 cows and 1,000 sheep”
Surely you can construct audit type questions around that!
Ashok, imagine that you have an audit client and that client operates a huge farm. Instantly IAS 41 becomes applicable. OK so far?
Now, what problems do you foresee coming across whilst you are carrying out your year end audit. Remember, this is the first time that you have been the senior in charge of this audit and …. you’ve never audited a farm before. Ever. Not once in your life.
So, you tell me – what problems do you think that you could encounter and we’ll take it from there
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