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The following decision making steps form the basis of the framework that can assist to assist managers manage and account for brands from the identification to quantification stage. As accountants, we are basically interested in the purely financial approach towards brand valuation.
The brand accounting approach framework can broadly be distinguished via four stages that include: recognition and identification of intangible assets, separation of brand from intangible assets and finally quantification. Figure 2 shows the detailed approach framework from the beginning to the end stage.
Recognition starts with examining background information in order to grasp the elements attributable to intangible assets inherent to the business enterprise. This following are the main considerations: General overview: this entails looking at the kind of industry, market and country of operation. Generally, innovative, technology and professionally based enterprises are more into intangible assets relative to manufacturing based counterparts.
Level of products differentiation including the firm's focus on marketing and advertising operations are indicative of the brand capitalization Company: marketing activities such as advertising, and other related synergies are key determinants of the company's level of brand capitalization. Customer relations and collaborative network with supplies are crucial. Client information: In today's business world, client database is a critical intangible asset.
Alexander and Fairbridge (1999) has defined audit as, "an examination of records or accounts to check their accuracy, an adjustments or correction of accounts or an examined or verified accounts (p. 195)." On the other hand, Porter, Simon and Hatherly (1996) used the word 'true and fair' view of financial statements in accordance with the relevant legislation.
In today's competitive world external auditors have additional responsibility to provide value added services such as identifying business risk and providing guidance on internal control weaknesses (Cosserat, 2004).
Therefore, it is fundamentally important for the external auditor to act with an independent mind and in good faith while conducting audit work. The importance of auditor independence has been recognised in the UK over the last two centuries as compare to the other countries in the world (Vansco, Skousen & Santagato 1997).
Over the last few decades different researchers have recognised the auditor independence also as an ethical issue. For example, Mednick (1990) stated that there should be more emphasis on developing professional ethics in order to overcome the problems related to auditor independence (Cited in Vansco et al, 1997).
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