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ASI - 2016 May CFE Day 2 (Assurance Roles (AO#6 - ROMM (Accounting Errors,…
ASI - 2016 May CFE Day 2
Common AOs
AO#2 - FR - Impairment of Lobster I
Assessment
Calculation Components
Value in Use
FV less CTS
Recoverable Amt
AO#3 - FR - New Crane Purchase
Capitalization of Associated Costs
Purchase Price
Financing Costs
Removal Costs
Installation Costs
Training Costs
Componentization of the new Crane
Depreciation Calculation
Derecognition of old crane
Disposal
Future Economic Benefits
AO#4 - FR - R&D
General Definition
Identifiable
Control
future Benefit
General Recognition
Future Benefit
Reliable Measurement
Development Cost Criteria
Technical Feasibility
Management's intention to complete
Ability to use or sell the intangible asset
Probability of future economic Benefit
Availability of technical, financial or other resources
Reliability of cost measurement
AO#5 - FR - Onerous Lease Contract
Provision Recognition
Obligation
Probable outflow of resources to settle obligation
Reliable estimate of amount of obligation
Unavoidable lease costs exceed economic benefits
AO#1 - FR - Significant Influence
Significant Influence
Board representation
Participation in policy-making decisions
% Ownership
Calculation Components
Net Working Capital
Land
Plant and Equipment
Customer Relationships
Long-term Debt
Deferred Taxes
ASI's Share
Final Calculation
Assurance Roles
AO#7 - A Materiality
AO#6 - ROMM
Accounting Errors
Growth Strategies
Loan Covenants
CFO Absence
New ordering and invoicing system
Supplier Bonus
AO#8 - Approach and Procedures
Audit Strategy
Procedures
Revenue
Additional revenue
Purchases
Additional Purchases
Payroll
Additional Payroll
AO#9 - A - Freeze Acquisition Procedures
Procedures at acquisition Date
NWC
Land
PPE
Customer Relationships
Long-term Debt
Independent Appraiser
Procedures at YE
Equity Pick-up Calculation
Dividends
Significant Influence
AO#10 - A - Internal Controls
Validation of customer information
Update of pricing File
Restricted access to pricing File
Approval of discounts
Review of sales orders
Review of invoices
AO#11 - A - Suppliers Bonus
Marketing Study
New Sales Agent
Lobserter packaging design and advertising material
Charitable donations
Admin Allocation Rate
Processing repair costs
AO#12 - A - Special Reports
CAS805
OCS9100
AO#13 - A - Suppliers Bonus Procedures
Lobster Sales
Additional Lobster Sales
Lobster Costs
Additional Lobster costs
Overall bonus calclation
AO#14 - A - Covenants and GC
Current Ratio
Total Debt to EBITDA
EBITDA to Interest