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In performing risk assessment procedures for property, plant and equipment, an auditor may inquire of the client personnel which of the following questions?

In performing risk assessment procedures for property, plant and equipment, an auditor may inquire of the client personnel which of the following questions?

FINANCIAL ACCOUNTING
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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In performing risk assessment procedures for property, plant and equipment, an auditor may inquire of the client personnel which of the following questions? O Are depreciation policies in accordance with applicable financial reporting framework? O All of the choices. O Are all property, plant and equipment purchases, including finance leases, properly authorized, recorded in accordance with the capitalization threshold (e.g., P10,000) and in correct accounting period? O Are disposals of property, plant and equipment properly authorized, removed from records including depreciation, and recorded in correct accounting period?
Transcribed Image Text:In performing risk assessment procedures for property, plant and equipment, an auditor may inquire of the client personnel which of the following questions? O Are depreciation policies in accordance with applicable financial reporting framework? O All of the choices. O Are all property, plant and equipment purchases, including finance leases, properly authorized, recorded in accordance with the capitalization threshold (e.g., P10,000) and in correct accounting period? O Are disposals of property, plant and equipment properly authorized, removed from records including depreciation, and recorded in correct accounting period?
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