In an audit process, understand the company’s business is utmost important. It is because only when you know the business, you will know the expected items in the financial statement. Otherwise, you are exposed to risk of misstatements due to omission.
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See AllPer 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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