Auditing Practice Questions:

37. Inherent risks associated with long-lived assets include Except: a. management's estimation of useful lives of assets; b. residual values of long-lived assets; c. removal of assets account from the ledger when they are sold; d. determining whether actual impairment has occurred; e. none of the above 38. T/F. The auditor must document the number and amount of misstatements in audited accounts in order to determine the action to take before drafting the final audit opinion. 39. T/F. Summary of unadjusted audit differences between auditors and management helps the auditor to determine which adjustments are critical and which are not