Auditing And Assurance Services
Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Chapter 6, Problem 15RQ
To determine

Identify the transaction-related audit objectives that has been violated.

To determine

Identify the transaction-related audit objectives that has been violated, if rather than expensing the acquisition, it had been capitalized as a fixed asset.

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An entity changes its depreciation method for production equipment from straight line method to units of activity method. The effect of this change is pervasively material. The auditor does not concur with the change. The auditor would issue a(n): * Unqualified opinion with an explanatory paragraph. O Adverse opinion O Qualified opinion Unqualified opinion
Which of the following best describes why auditors audit leased assets in conjunction with the audit of property, plant & equipment? Multiple Choice (B & D are incorrect)   A. Most leased assets should be capitalized.   B. Repairs and maintenance expense is affected by leased assets. C. Management may choose to lease assets rather than buy them. D. Leased assets have a higher risk of misstatement.
Assume that the client’s internal controls over the recordingand classifying of fixed asset additions are considered deficient because the individualresponsible for recording new acquisitions has inadequate technical training and limitedexperience in accounting. How will this situation affect the evidence you should accumulate in auditing fixed assets as compared with another audit in which the controls areexcellent? Be as specific as possible.
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