The auditor identifies the specific audit objective: "determine that property, plant and equipment (PPE) assets represent productive assets that are in use at balance date". This objective is derived from the:
A) existence assertion.
B) completeness assertion.
C) presentation and disclosure assertion.
D) rights and obligations assertion.

Question

Quizplus · Accepted Answer

The existence assertion relates to ensuring that assets, in this case, property, plant, and equipment (PPE), actually exist at the balance date and are in use, which aligns with the specific audit objective mentioned.

The Auditor Identifies the Specific Audit Objective: "Determine That Property