When performing the audit or other advisory work, it is important to understand the business. It enable you to anticipate the key areas or the key processes to be put in place.
In particular in audit, it enable you to anticipate the items or balances to be in place in the financial statements.
Per FRS 109, para 5.1.1, financial assets such as equity instruments shall be initially measured at fair value. And subsequently measured...
In Singapore FRS 36, paragraph 96 ”The annual impairment test for a cash-generating unit to which goodwill has been allocated may be...
When there was a judgement made in prior year without concrete evidence of support. The audit should have qualified it. When in...
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