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Semester Fall 2016     Fundamentals of Auditing (ACC311)

Due Date: 1st February,2017                              Marks: 10 

Topic to be tested:

Testing the Non-Current Assets

Learning Outcomes:

After going through this activity, the students would be able to learn about the processes anddocuments require to test the long term or non-current assets of the company.

Assignment Question:

Company ABC is a textile manufacturing concern located in Faisalabad. You are beingappointed as an auditor of the company just after completion of your studies. Following data has been extracted from disclosure note (related to non-current assets) of annual report of 2016 of the company. The Chief Controller Accounts of the company has assigned you the task to test the valuation of non-current assets with regard to opening balances, revaluation and depreciation charge for the year.

Required:
Based on information provided which test/(s) you will perform to verify:
1. Opening Balances (1 Mark)
2. Revaluations (5 Marks)
3. Depreciation Charge for the Year (4 Marks)
(Your answer should be in bulleted points with relevant detail. Each point will carry 1 mark)
IMPORTANT:
24 hours extra / grace period after the due date is usually available to overcome uploading difficulties. This extra time should only be used to meet the emergencies and above mentioned due dates should always be treated as final to avoid any inconvenience.


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ACC311 Assignment Sol.

ACC311 Assignment Solution
Opening Balances
Opening balance should be match with last year closing balance in audit report 2015.


Revaluations
We should check the company policy of revaluations
Auditor inquires that the revaluations should conducted on regularlyinterval.
Where buildings or land has been revalued that this is carried out by a qualified and reputable valuer and the revaluation seems reasonable.
The auditor will check the availability of arevaluation report (a source document for the revaluation) and confirm that the valuementioned in the valuation report matchesthe amount at which the PPE is revaluedand shown in the financial statements.
That the land and buildings are evaluated for impairment and where necessary written down to the impaired value.


Depreciation Charge for the Year
Auditor should check the policy of depreciation rate and confirm that the deprication rates are approve by the board of directors by checking the minutes
Auditor examine the appropriateness of depreciation policy
Check the asthmatic calculation

proper solution nai hai

acc311 asmnt

  Semester fall 2016

              Fundamentals of Auditing (ACC311)

 

Topic to be tested:

 

Testing the Non-Current Assets

Required:

Based on information provided which test/(s) you will perform to verify:

1. Opening Balances

2. Revaluations

3. Depreciation Charge for the Year

 

1. Opening Balances

 

Opening balance = income – expenses

Opening balance = 2620000 – 600000

Opening balance = 2020000

3. Depreciation Charge for the Year

Depreciation = value of assets at the end – value of the asset begging + any new purchase

Depreciation = 308000-2620000+400000

Depreciation= 860000

Net but value hi revaluation

Land and building revaluation

Revalued = fair value – accumulated

=2525000-400000

2125000

 

 

2. Revaluations

 

Fixture & furniture revaluation

Revalued = fair value – accumulated Depreciation

= 555000-200000

(ANS) 355000


By sana khan

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