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Hi,
Does anyone have a list of Acronyms/abbreviations for P7?
I have a list for f8 e.g.
Ethics
O-Objectivity
P-Professional Competence
P-Professional behaviour
I-Integrity
C-ConfidentialityThanks,
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” proceduresAudit procedures:
“RECARIO”
Reperformance
Enquiry
Confirmation
Analytical procedures
Recalculation
Inspection
ObservationIAS 38 Intangible Assets
Scenario:Developing costs of $5m capitalized for a software that hacks into government system.
Audit Evidence/Procedures:PIRATEProbable 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
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