Why are audit objectives important in planning and performing an audit? Is it possible for audit objectives to change once field work begins?

How does evidence contribute to conducting a complete and ethical audit?

what is audit going concern?

what is Prior Audit Review Procedure?

When planning an audit engagement, what matters should be considered about a client’scomputerized processing environment?

On January 1, 2017, Mae Company, an SME, purchased a patent for P7,140,000. The patent is being amortized over its remaining legal life of 15 years expiring on January 1, 2032. During 2020, Mae Company determined that the economic benefits of the patent would not last longer than ten years from the date of acquisition. What amount should be reported in the statement of financial position for the patent, net of accumulated amortized, at December 31, 2020?