Auditing Intangible Assets

NotesPaper exam

Audit procedures & Evidence needed as follows

Basic procedures are:

  1. Inspect legal documents, confirming the length / type / cost of asset

  2. Agree cash paid to the bank statement and the cash book

  3. Inspect minutes of a discussion with management regarding amortisation / non-amortisation and recalculate where necessary

  4. Look at forecast sales records to determine the future economic benefit to be derived

NotesPaper exam