In testing the existence assertion for an asset, an auditor ordinarily works from the:

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The existence assertion for an asset involves verifying that the asset actually exists at a given date. Auditors typically start with the accounting records (like ledgers or asset registers) and then look for supporting evidence (such as physical verification, invoices, or receipts) to confirm the existence of the asset. This process ensures that the assets listed in the accounting records are real and can be substantiated.

In Testing the Existence Assertion for an Asset, an Auditor