Once the auditor obtains a fixed asset additions schedule from the client,testing of the existence of the additions must immediately ensue to ensure effectiveness.

Question

Quizplus · Accepted Answer

Testing the existence of fixed asset additions is important, but it does not need to occur immediately upon obtaining the schedule. The auditor should first assess the risk and plan the audit procedures accordingly.

Once the Auditor Obtains a Fixed Asset Additions Schedule from the Client,testing