the heightened risk of material misstatement. d. The auditor would perform all of the above procedures to respond to 9. Assume that a client's controls over recording retirements of long-lived tangible assets are not well designed. Which of the following procedures would the auditor plan to perform as a way of responding to the heightened risk of material misstatement? a. Select long-lived tangible assets recorded in the property ledger and locate them for inspection. b. Inspect long-lived tangible assets located at the client location and trace those assets to the property ledger. c. Review the tangible long-lived asset. property ledger to see if depreciation was recorded on cach tangible long-lived asset.

the heightened risk of material misstatement. d. The auditor would perform all of the above procedures to respond to 9. Assume that a client's controls over recording retirements of long-lived tangible assets are not well designed. Which of the following procedures would the auditor plan to perform as a way of responding to the heightened risk of material misstatement? a. Select long-lived tangible assets recorded in the property ledger and locate them for inspection. b. Inspect long-lived tangible assets located at the client location and trace those assets to the property ledger. c. Review the tangible long-lived asset. property ledger to see if depreciation was recorded on cach tangible long-lived asset.

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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2. An audit firm is required to perform a risk assessment in order to determine whether to accept the new client or continue with repeat clients annually. Question 2 options: a) True b) False

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