The obsolescence of long-lived assets is an inherent risk that should be considered by the auditor.

Question

Quizplus · Accepted Answer

The obsolescence of long-lived assets is a potential risk that can affect their value and usefulness over time. As such, it is important for auditors to consider this risk when evaluating the accuracy and completeness of a company's financial statements. Failure to do so could result in inaccurate or misleading financial statements, which could harm investors and other stakeholders.

The Obsolescence of Long-Lived Assets Is an Inherent Risk That