When auditing a fixed asset account such as land, buildings, and equipment, the auditor will normally: a.
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When auditing a fixed asset account such as land, buildings, and equipment, the auditor will normally:
a. Vouch the book value of fixed assets to underlying purchase documents.
b. Place the greatest emphasis on tests of balances at year-end.
c. Trace transactions from receiving documents to recording of the purchase.
d. Use a combination of of agreeing beginning balances to prior year working papers and then testing transactions during the year.
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Related Book For
Auditing A Practical Approach with Data Analytics
ISBN: 978-1119401742
1st edition
Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton
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