Which of these is not true regarding substantive procedures for property, plant and equipment in an initial audit:
A) the auditor concentrates on the current year's transactions only
B) evidence must be obtained as to the fairness of the opening balances.
C) evidence must be obtained as to the ownership of the assets.
D) all of the above are untrue.

Question

Quizplus · Accepted Answer

In an initial audit, the auditor does not concentrate only on the current year's transactions for property, plant, and equipment. They also need to obtain evidence regarding the fairness of the opening balances and the ownership of the assets, making options B and C true statements.

Which of These Is Not True Regarding Substantive Procedures for Property