question 14 You are the auditor of VIT Ltd. For the financial year ended 31 December 2018, VIT disclosed inits financial statements that it has not conducted impairment testing of its property, plant andequipment. Management's explanation was that they have no intention of selling the assets andthat asset values change all the time. VIT's property, plant and equipment account balance at yearend was $91 million higher than recoverable amount.Required:Select which form of opinion you would consider the most appropriate to use. Give reasons.

The client has violated the accounting standard IAS 16 -Property, Plant and Equipment by not…

Answered: form of opinion you would consider the…

Business

Accounting

form of opinion you would consider the most appropriate to use

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

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question 14

You are the auditor of VIT Ltd. For the financial year ended 31 December 2018, VIT disclosed in
its financial statements that it has not conducted impairment testing of its property, plant and
equipment. Management's explanation was that they have no intention of selling the assets and
that asset values change all the time. VIT's property, plant and equipment account balance at year
end was $91 million higher than recoverable amount.
Required:
Select which form of opinion you would consider the most appropriate to use. Give reasons.

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