Question
1. Kindly answer this as soon as possible. 2. And answer all two parts. There are some requirements of Quality Control procedures for an audit
1. Kindly answer this as soon as possible.
2. And answer all two parts.
- There are some requirements of Quality Control procedures for an audit of financial statements, List all these requirements of ISA 220 and provide one example of a policy or procedure that can be used to fulfill each element listed.
b. A patent right is acquired by Alpha Ltd from Bravo Ltd in exchange for mineral rights. The mineral right is carried at $5000 in the book of Alpha Ltd. How should this transaction be measured and accounted for by Alpha Ltd and Bravo Ltd.? In Alpha Ltd. books the patent is carried at $100 which is not the fair market value. Justify your answer without any journal entry and state the related IAS.
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Advanced Principles Of Auditing
Authors: Hugo Romero
1st Edition
1632409372, 978-1632409379
