The auditor should test for unrecorded retirements of properties by _______________. This procedure is relevant for validating the __________ assertion over the properties.   Group of answer choices Tracing physical assets observed while conducting an ocular inspection to the records; completeness. Vouching items in the property records to the acquisition source documents; existence. Recomputing the depreciation charges on the properties; valuation. Selecting items in the property records and then tracing them back to the physical assets while conducting an ocular inspection of the properties, existence.

Q: Describe the purpose and give examples of audit procedures in the search for unrecorded liabilities.

A: The search of unrecorded liabilities is the set of procedures designed to yield audit evidence of…

Q: In performing risk assessment procedures for property, plant and equipment, an auditor may inquire…

A: Firstly let us understand what are risk assessment procedures. Risk assessment is the assessment of…

Q: The auditing procedure that could least likely lead the auditor to find unrecorded property, plant,…

A: Audit: An audit is a formal verification of an organization's account that is usually conducted by…

Q: The underlying evidences for intangibles which includes purchase agreements, patent certificates,…

A: A permanent file is a set of records used in future as a reference for an organization's external…

Q: List the functions needs to be done on the part of auditor to verify freehold land and building of…

A: In the course of an audit, an auditor will do various procedures to conduct the audit with…

Q: In performing risk assessment procedures for property, plant and equipment, an auditor may inquire…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: The auditor should see to it that fully depreciated property, plant, and equipment still in use must…

A: As long as a fully depreciated plant asset is still useful to the firm, the asset and its…

Q: Provide a very clear and detailed introduction on the repossession procedure.

A: Repossession in the accounting or for a business is taken goods back or getting back the assets or…

Q: Describe common substantive procedures used to audit a client’s property, plant, and equipment. How…

A: The auditor’s main objective is to form an opinion on the financial statement of the company. The…

Q: In testing the existence assertion for an asset, an auditor ordinarily works from the

A: The correct answer is: (D) Accounting records to the supporting evidence. An auditor works from the…

Q: How will the approach for verifying repair expense differfrom that used to audit depreciation…

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: 10. Which of the following situations would lead an auditor to test controls over long-lived assets?…

A: Introduction:- Long live assets means, Which are are look forward to contribute future economic…

Q: Differentiate between impairment process that applies to limited- and indefinite-life intangibles,…

A: The distinction between impairment measure that applies to restricted and uncertain life immaterial,…

Q: In performing risk assessment procedures for property, plant and equipment, an auditor may inquire…

A: Lets understand the basics. Risk assessment procedure in audit is done by the audit to obtain the…

Q: In order to help the audit team assigned to the audit of a major client's property, plant and…

A: Financial statement assertions are the representations or claims made by management regarding the…

Q: When inspecting records and documents as a sort of evidence, make a distinction between vouching and…

A: Introduction: Documentary proof or vouchers, such as invoices, debit and credit notes, statements,…

Q: In performing risk assessment procedures for property, plant and equipment, an auditor may inquire…

A: C. All of the choices

Q: Discuss the risk of material misstatement inthe acquisition and expenditure cycle.

A: Material Misstatement refers to the misleading information in the statement of affairs of the…

Q: Explain the appropriate treatment required when an error in accounting for property, plant, and…

A: Definition:   Assets: These are the resources owned and controlled by business and used to produce…

Q: Listed below are several of the auditors’ general objectives in performing substantive procedures on…

A: Audit procedures is the criteria or steps performed by the auditor in order to get all the…

Q: Which of the following best describes the independent auditor's approach to obtaining satisfaction…

A: Business organizations are required to charge the depreciation expense so that the assets are shown…

Q: When auditing the existence assertion for an asset, auditors proceed from thea. Financial statement…

A: Definition: Existence assertion: Existence assertion is a management assertion where it is asserted…

Q: Which of the following procedures is usually performed by the auditor to determine if obsolete…

A: Obsolete inventory is an inventory that gets obsolete and remains unserviceable and loses its…

Q: Property. Plant and Equipment (PPE) are the assets that represent a material portion of the total…

A: Property. Plant and Equipment (PPE) characteristics include: Have  physical substance Acquired for…

Q: Verifying repair costs will be handled differently from auditing depreciation costs. What's the…

A: Answer: Repaid costs are the costs that pertains to the maintenance of the assets Depreciation costs…

Q: not a procedure used by an auditor in searching for unrecorded disposals of long-lived assets?

A: Option a is wrong because the examination of property tax records provides information on tax on…

Q: Whose property are audit documentation (audit workpapers)? In what form must they be?

A: Auditing:                   It is a systematic verification of the books of accounts of an…

Q: Multiple Select Question Select all that apply   Identify the principles of internal…

A: The objective of this question is to identify the principles of internal control from the given…

Q: What assertions found in PP&E, investments, and intangibles accounts are of interest to an…

A: Management assertion refers to the claim made by the management assuring about the accuracy of…

Q: Analyze some common internal controls over inventories. Explain the significant inherent risks…

A: Introduction: Depreciation is an accounting procedure that distributes the cost of an item over its…

Q: explainthe process of auditing the following transactions/accounts of Real estate companies * Value…

A: "As per the policy of our company, we are allowed to answer only the first three sub-parts in case…

Q: The auditor is MOST likely to learn of retirements of equipment through which of the following? a.…

A: An equipment audit eliminates the possibility of a customer showing up for pick-up only to discover…

Q: In performing substantive procedures for a review of Rental Revenue from Land, Buildings, and…

A: Substantive procedures are those tasks that the auditor conducts to diagnose material…

Q: Which of the following is NOT a required disclosure (if applicable), either by the seller or by the…

A: Ans: Confirmation of agency: Every real estate licensee is required to disclose his or her agency…

Q: Which of the following audit procedures will apply to obtain the reliable audit evidence relating to…

A: Auditing is the process of inspecting various books of accounting.

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.