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 of the substantive procedures.

Question

Quizplus · Accepted Answer

The auditor should first assess the risk of material misstatement and design appropriate substantive procedures, which may include testing the existence of additions, but it does not have to be immediate.

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