Multiple Choice
The auditor normally does not need to test the accuracy or classification of fixed assets recorded in prior periods if they are the continuing auditor because
A) they are rarely material to the audit.
B) they rarely contain misstatements.
C) they are verified in previous audits.
D) they don't affect the balance sheet.
Correct Answer:
Verified
Correct Answer:
Verified
Q51: Methods used to determine if there are
Q52: One of the primary objectives in examining
Q53: The auditor's starting point for verifying disposals
Q54: In connection with a review of the
Q55: The auditor needs to be aware that
Q57: Changing circumstances may require a change in
Q58: When auditors verify accrued property taxes, two
Q59: The auditor must know the client's capitalization
Q60: Normally it may be unnecessary to examine
Q61: Which balance-related audit objective is not relevant