As existence of property, plant, and equipment is the ket audit assertion, the auditor donot need to obtain evidence of sales, disposals, and trade-ins.

Question

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While existence is a key assertion for property, plant, and equipment, the auditor still needs to obtain evidence of sales, disposals, and trade-ins to ensure accuracy and completeness of the financial statements. Other key assertions for this account include completeness, valuation, and allocation.

As Existence of Property, Plant, and Equipment Is the Ket