100% found this document useful (1 vote) 199 views 52 pages © © All Rights Reserved Did you find this document useful?100% found this document useful (1 vote) 199 views52 pages 14Jump to Page You are on page 1of 52 You're Reading a Free Preview You're Reading a Free Preview You're Reading a Free Preview Reward Your CuriosityEverything you want to read. Anytime. Anywhere. Any device. No Commitment. Cancel anytime.  Prepaid insurance should be In auditing intangible assets and goodwill, an auditor would likely review or recompute amortization expense and/or determine whether the write-off period appears reasonable. This would support management’s assertion of When auditing prepaid insurance, an auditor discovers that the original insurance policy on a key piece of manufacturing equipment is not available for inspection. The policy’s absence most likely indicates the possibility of a(n) Which of the following situations would not support the auditor’s decision to reduce control risk below maximum for the audit of intangible assets? Which of the following control activities would most likely allow for a reduction in the scope of the auditor’s tests of depreciation expense? Which of the following internal controls is most likely to justify a reduction of control risk concerning plant and equipment acquisitions? To strengthen control over the custody of heavy mobile equipment, the client would most likely institute a policy requiring a periodic Due to a deficiency observed in an entity’s control over recording retirement of equipment, the auditor may decide to Which of the following procedures is most likely to prevent the improper disposition of equipment? Property acquisitions that are misclassified as maintenance expense would most likely be detected by an internal control system that provides for Property, plant, and equipment transactions include all of the following, except: Which of the following is not a common internal control activity related to the acquisition of property, plant and equipment? When there are numerous property and equipment transactions during the year, an auditor who plans to set the control risk at a low level usually performs Which of the following would be considered an internal control deficiency associated with plant assets? Which of the following is not an example of segregation of duties in the property management process? When there are numerous plant asset transactions during the year, an auditor who plans to assess control risk at a high level for an entity usually performs In testing plant asset account balances, an auditor decides to physically examine a sample of new additions listed on a client-prepared analysis. The procedure most likely contains evidence concerning management’s assertion of In performing a search for unrecorded retirements of plant assets, an auditor most likely would An auditor may conclude that depreciation expense charges are insufficient by noting Information regarding which of the following would normally not be included in an entity’s financial statement disclosures related to plant assets? Vouching significant PP&E additions and dispositions to vendor invoices or other supporting documentation is used to test Tracing a sample of purchase requisitions to receiving reports and to the PP&E records is used to test Reviewing the expenditures included in repairs and maintenance for unusually large items is used to test An auditor analyses repairs and maintenance accounts primarily to obtain evidence in support of the assertion that all Which of the following combinations of procedures would an auditor be most likely to perform to obtain evidence about fixed-asset additions? |
An effective procedure for identifying unrecorded retirements of equipment is to:
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