The auditor should be aware of material asset additions that are in remote locations and physically inspect such assets.

Name: The auditor should be aware of material asset additions that are in remote locations and physically inspect such assets.
Brand: Quizplus
Rating: 4.8 (34 reviews)

Question

Quizplus · Accepted Answer

The auditor should physically inspect material asset additions irrespective of their location to ensure their existence, completeness, and accuracy. This helps in preventing the risk of overstatement or understatement of assets in the financial statements.

The Auditor Should Be Aware of Material Asset Additions That