Long-lived assets can be fraudulently overstated in many ways, including: Fictitious assets on the books

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Long-lived assets can be fraudulently overstated in many ways, including:

• Fictitious assets on the books • Improper and incomplete depreciation

• Failure to record impairment of assets, especially goodwill

• Expired or worthless assets left on a company’s books

• Assets overvalued upon acquisition, especially in the purchase of a company.

What substantive audit procedures might detect each of these types of frauds?

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Auditing A Risk Based Approach

ISBN: 9780357721872

12th Edition

Authors: Karla M Johnstone-Zehms, Audrey A. Gramling, Larry E. Rittenberg

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Question Posted: Sep 22, 2023 03:21 PM

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Long-lived assets can be fraudulently overstated in many ways, including: Fictitious assets on the books

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To detect fictitious assets the auditor should have traced recent recorded acquisitions oflonglived ...View the full answer

Auditing A Risk Based Approach

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