Auditing LEASES under IFRS16 - tests of controls and substantive procedures
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- čas přidán 6. 08. 2024
- What other procedures could you think of to audit leases?
IFRS 16 - check out Sylvia at IFRS Box
• IFRS 16 Leases - updat...
How to audit depreciation on leased assets? Check out my video on auditing PPE, which includes depreciation expense
• Auditing Property Plan...
The ICAEW Guide on materiality
www.icaew.com/-/media/corpora...
In the video, I didn't talk about COVID19 impacts in terms of rent relief by lessees. KPMG has an excellent guide on the IFRS implications and auditors will need to look at this area closely
advisory.kpmg.us/articles/202...
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Hi Amanda, I have been auditing for more than 9 years now and I always learn something new from your videos every time I watch one. I also encourage my trainees to watch your videos and they love them. Thanks for striving to improve us always!!
Thank you so much David 🙏🙏😊
I was reviewing IFRS16 work for the first time . Your video helped me a lot to get around to it . Thanks for sharing ❤
Loving these series of videos! Thank you. Please do unearned revenue/ deferred revenue, going concern, and journal entry testing.
Thanks 😊 Journal entries are tested as part of individual accounts - but for GC - check out this video
czcams.com/video/RdWwgZrfbAA/video.html
Thank you once again, Doc, we are enjoying the 'wisdom nuggets' concerning Auditing and Accounting, wish we could import you into Zim and permanently enjoy your talent in articulating issues. Looking forward to the next episode and stay blessed in AUS. Thanks again to your detailed quick responses to my qstns in the previous video regarding Borrowings I am now satisfied.
Hey Bvumayi 👋 thank you so much for your comments on every video - I’m lucky to have such great subscribers ☺️
Hi Amanda you have saved me have some Audit coursework am handling and things looked very complicated but you have really helped me alot,thank you so much indeed
It's just one week I have started following you and you have changed my whole world to see auditing subject.
Thank you so much Ravita 🙏 I am spreading the Audit love one person at a time ❤️
Thanks as always Dr. Amanda.
Hi, Amanda. I have been auditing for 3 years and always have gained additional value from videos. If you can make a video for auditing revenue based on IFRS 15 " Revenue from contracts with customer" as it seems very complex for different industry. Looking forward to see a video from your side.
thank you so much Amanda
waiting for more such audit procedure videos
Thank you so much for this series. It is really helpful. Dr. Amanda can make vedio for auditing cantracts, please? Or recommening one of your vedios if you talked about it previously.
This is so good!!
Excellent job.... well described...... thanks alot
Thanks Shahzad 😊
Thank you! This is really good.
Glad you like it!
I would love to have all processes videos!
3 way matches, bank rec, revenue is a big one as well!
Hey Kelvin - all of the process videos that I've made so far are right here - czcams.com/play/PLpJRVR3iB5Z5f_rZ5O1R9cCMf1FSVZ4ci.html
@@amandalovestoaudit Thank you so much!!!
Excellent explanation as always
Thank you Chai!
Thanks for your sharing. I get knowledge from your video.
Glad to hear that!
Hi Amanda, thanks for the videos great work!!!
May you please do something on IAS 38
Thank you Amanda. Please do the deferred tax/income tax substantive procedures before end of June(before my exam🙊i feel embarrased now )
Hey - I don’t delve into tax too much as I haven’t audited that part myself ☺️ but remember the same principles apply of the assertions and evidence
Thank you!
Great stuff
Hi Amanda,
Love these videos. Helped a lot with the CA exam.
I have a question. If there is a condition to make good provisions, what are the audit procedures?
Thanks
Hello this is very helpful
I love your videos. I’m a new auditor and I’ve been trying to research about auditing oil and gas royalties. Do you have a video on this?
Hi - nothing on O&G royalties - sorry! But the key I would imagine is going to be about reading the contract terms very closely!
Very helpful
Thanks Amanda
Tons of love Prayers and best wishes
Your fan from Pakistan 🇵🇰
You’re welcome!
What’s the logic for including dismantling costs as part of the asset? Appreciate that it spreads the cost over a period of time rather than recognising it in the P&L upfront but i can’t get my head around why the costs are an ‘asset’ from a logical standpoint
I’m not entirely sure of the reasoning behind this particular requirement of the standard!
Thanks mom... please give me suggestions of author of books which helps us to study and understand concept of IFRS as a bigginer?? Best books.
Hi Abdu- one of the best resources I’ve found online is IFRS Box on CZcams - Sylvia is fantastic!
@@amandalovestoaudit Thanks 😘.. I want books?? Is books available?? When u will visit India? We are happy to see u mom
After making the payment, do we have to Debit the lease expense of Lease liability?
Lease payments(Installment)
Dr Lease Liability
Cr Bank
Then for the interest expense
Dr Interest expense
Cr Lease Liability
Payments decrease the Lease Liability and the interest expense increases the Lease Liability
This is the information you will get from your Amortization table.
I hope this helps
Hi have you done any videos reated to application of IFRS 15 in the telecommunication industry and Auditing of that? please help me on this
Hi - I don't have anything on revenue and that industry - but remember the principles are always the same!
Thanks a lot for ur reply
A Audit Case in Bangladesh: Here Mobile Telco companies usually makes thousands of Lease contracts with Building Owners for renting 10 Sq. Meter roof spaces to build Telcos' Towers for 10 years . The Companies pay roof rents One year Advance at the end of each year. How the Lease contract will be treated as per IFRS 16.
For your kind consideration and suggestion pls .
Hi Fazlul - I'll use the same approach here as with my students. What do you think IFRS 16 instructs you to do?
Dear Professor
Would you direct me where to find
Audit for leases for non-profit organizations
The same standards apply....one thing I have not looked at is if the Not for Profit is a charity or similar and a lease is given at below market rates .....what do we do if anything re AASB 16 leasing .....I know AASB 1058 requires recognition to market value.
auditing IFRS 15 please madam
Now this presentation is 3 years old. What we have to watch is if a lease is terminated early that the clients , usually Excel is updated to that effect. That is not accounting for leases that now do not exist.
You have missed interest expense on lease liability
Remember that I may not cover everything- these videos are to give you examples of how you might gather the audit evidence you require and guide you in designing what you need for the specific situation you are in ☺️
Lease interest expense would be like we account for long term liabilities and the interest expense there ☺️
Agreed Mam. Thanks for your reply 😊
One guy always dislikes your video 🤣
Can’t please everyone! 😂