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 assertion.
D) rights and obligations assertion.

Question

Quizplus · Accepted Answer

The audit objective "determine that property, plant and equipment (PPE) assets represent productive assets that are in use at balance date" relates to the existence assertion, which focuses on whether the assets actually exist and are owned by the organization. The objective aims to ensure that the PPE assets listed on the balance sheet are tangible and in use.

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