Ordinarily,it is unnecessary to test the valuation of capital assets recorded in prior periods because
A)it will not affect the current valuations.
B)they were verified in previous audits.
C)the related amortization calculations for the current period are more important.
D)the emphasis of the audit is on the income statement items,not the balance sheet items.

Question

Quizplus · Accepted Answer

Capital assets recorded in prior periods are typically not retested in current audits because they were already verified in previous audits. Auditors rely on the accuracy of past audits for the initial valuation of these assets and focus on changes or additions in the current period.

Ordinarily,it Is Unnecessary to Test the Valuation of Capital Assets