Which of the following best describes the auditors’ approach to auditing property, plant and equipment on continuing audit? Multiple Choice

Q: Explain ANY FIVE (5) substantive procedures that an auditor should use in verifying the revaluation…

A: Substantive procedure are procedures carried by to auditor to assert that the Financial Statements…

Q: An internal auditor's work would most likely affect the nature, timing, and extent of an independent…

A: It is the responsibility of an Internal Auditor to verify that all of a company's operational…

Q: Determine the following as a result of your audit: 16. How much is the cost of Land disclosed in its…

A: Here given the multi sub part question as per guidelines we will solve for first three sub part…

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: 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: Which of the following BEST (select one) describes the purpose of the audit work program? a) To…

A: Audit refers to verifying balances of financial statements of a organization by using proper…

Q: Pierce, an independent auditor, was engaged to examine the financial statements of Wong…

A: Auditing is the process of examining financial statements, records, and other financial information…

Q: You are appointed to conduct audit of an industry having wide variety of assets with various plant &…

A: Audit of plant and machinery forms one of the important areas to look upon by an auditor during the…

Q: You are in-charge of audit team of ABC Cement Company and you have been assigned to verify the…

A: The auditing will be conducted to find whether there are any errors or mistakes in the financial…

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: Explain why the emphasis in auditing property, plant, and equipment is on the current period…

A: The reason for the emphasis in auditing property, plant, and equipment is on the current period…

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: Based on the information in scenario C, classify the information (1-8) according to the elements of…

A: Here given the details of elements of Auditing findings which are involved with the each and every…

Q: auditor assessed the preliminary a

A: If the internal controls are of higher quality then auditor does not have to perform extensive test.

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 what way can audit procedures be modified to address assessed fraud risks?a. Obtain more reliable…

A: Fraud: Fraud is the act of deliberately conducting false reporting of facts, to acquire funds or…

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

A: C. All of the choices

Q: the heightened risk of material misstatement. d. The auditor would perform all of the above…

A: Auditing is the detailed process of checking and verifying books of accounts and assets of the…

Q: Which of the following is most likely to be presumed to represent fraud risk on an audit?

A: The correct answer is: (D) improper revenue recognition. There are a few different types of fraud…

Q: Following are seven audit activities. O (Click the icon to view the audit activities.) Requirement…

A: Audit procedures are actions taken by auditors to obtain all relevant information about the quality…

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: 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: Which of these is the set of working papers that affect the current year and future audits? Select…

A: Working papers are the evidence and documents that are being kept by the auditor for his/ her…

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: Explain how analytical procedures are useful in: (1) The risk assessment stage of the audit. (2) The…

A: As per standards on auditing (SA) 520 “Analytical Procedures“, The term “analytical procedures” mean…

Q: 1) The auditors analyze repairs and maintenance expense to: a)determine that plant & equipment…

A: 1) The auditors analyze repairs and maintenance expense to determine that all maintenance items are…

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.