Nakamura, CPA, has accepted an engagement to audit the financial state- ments of Grant Manufacturing Company, a

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Nakamura, CPA, has accepted an engagement to audit the financial state- ments of Grant Manufacturing Company, a new client. Grant has an adequate control environment and a reasonable segregation of duties. Nakamura is about to set the control risk for the assertions related to Grant's property and equipment. Required: Describe the key internal controls related to Grant's property, equipment, and related transactions (additions, transfers, major maintenance and re- pairs, retirements, and dispositions) that Nakamura may consider in set- ting the control risk. (AICPA, adapted) p-654

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