AAAList of acronymns for P7

What goes in a tender document: 'SATURN FC' Specialisms Audit Approach Timings Us - Outline what we're good at etc.. Resources Needs of client Fees Quality ''Control'' procedures

Audit procedures: "RECARIO" Reperformance Enquiry Confirmation Analytical procedures Recalculation Inspection Observation

IAS 38 Intangible Assets Scenario:Developing costs of $5m capitalized for a software that hacks into government system. Audit Evidence/Procedures:PIRATE Probable economic benefits- Market research Intention to complete- board minutes/written representation Resources-Cash flow forecast/Budget Ability to sell/use-Legal correspondence Technical Feasibility study-results of the prototype Expenses reliable measurement-Break down of the $5/supporting documents(invoices)

IAS 37 (ROT) Reasonably reliable Obligation (legal or constructive) Time Economic benefit will be outflow within a year IFRS 5 Sale Sell= Management intend to sell the asset Available= the asset is available for immediate use Locate=management has to locate potential buyer say by advertising. Expected= the asset expected to be sold in a year. I think every one knows Ethics mnemonics SSAFIM,C of I , I of C& confidentiality