1. Compare the information from the Physically Verified Vehicles document with the information contained in the Vehicles Register to identify any errors and inconsistencies between the two documents. Please explain (in well-written complete sentences) the error/inconsistency identified.
2. For each error/inconsistency identified, please list the assertion affected.
3. Do you think auditors have to perform procedures for overall financial statement assertions for every significant account in the financial statements? Why or why not?
4. Assume you are a staff auditor. What would you do if your client provides you with contradictory or inconsistent information? For example, in the KPMG PPE case, what if different individuals at the client provided you with contradictory information as to the value of a certain truck?

PM_01_Vehicles Register ABC Company Vehicles Register Provided by: Michael Sparks, PPE Manager NOTE: For the purposes of this training exercise, assume there are no errors related to the Accumulated Depreciation column. Asset Description Cost (CU) Accumulated Carrying Depreciation Amount (CU) (CU) Gold Truck 55,000 55,000 0 White Truck 110,000 42,000 68,000 Aqua Truck* 60,000 3,000 57,000 Turquoise Truck 150,000 25,000 125,000 Orange Truck 40,000 8,000 32,000 Brown Truck 92,000 28,000 64,000 Yellow Truck 104,000 27,000 77,000 Blue Truck * 74,000 9,000 65,000 685,000 142,000 543,000 Total * New Purchases in 20X3 Note: There is also a GL account called Burgundy Truck, listed as an Accounts Receivable with a balance of CU64,000. Green Truck. White Truck KPMG BUSINESS SCHOOL User Delivery Driver #1 Car Green Truck Type Purch February 23, 20X2 ase date Descri The truck was purchased for ption CU 102,000. It was driven 34,000 miles during the year. It has been serviced regularly and is in good condition. User Delivery Driver #2 Car Type White Truck Purchase date September 23, 20X0 Description The truck was purchased for CU118,000. It has driven 16,000 miles. It has been serviced regularly. Aqua Truck Turquoise Truck KPMG BUSINESS SCHOOL User Delivery Driver #3 Car Aqua Truck Type Purch November 23, 20X3 ase date Descri The truck was purchased ption for CU60,000. It has driven 15,000 miles. It has been serviced regularly. User: Delivery Driver #4 Car Type: Turquoise Truck Purchase date: February 24, 20X2 Description This truck was purchased for CU150,000. Delivery Driver #4 has driven 32,000 miles during the year. It has been serviced 3 times. The truck was involved in an accident two weeks prior to year end, and has been valued at CU110,000 by the insurers. Orange Truck. Brown Truck KPMG BUSINESS SCHOOL User : Delivery Driver #6 Car Type : Brown Truck Purchase date : April 13, 20X1 Description The truck was purchased for CU 92,000. It has driven 5,000 miles during the year. User Delivery Driver #5 Car Orange Truck Type Purcha January 23, 20X3 se date Descrip The truck is rented from Rent tion Me A Truck Ltd. It will be returned after 3 years. ABC Company does not have an option to buy the truck at the end of the rental agreement. The truck is currently worth CU 40,000 per Truck Guide. Yellow Truck. Burgundy Truck KPMG BUSINESS SCHOOL O User Delivery Driver #7 Car Yellow Truck Type Purcha February 23, 20X1 se date Descri The truck was purchased ption for CU 104,000. It has driven 34,000 miles in total. It has been serviced regularly and is in good condition. User: Delivery Driver #8 Car Type: Burgundy Truck Purchase date: April 4, 20X3 Description The truck was purchased for CU 64,000. It has driven 5,000 miles in total. Blue Truck KPMG BUSINESS SCHOOL O User Car Type Purchase date Description Delivery Driver #9 Blue Truck April 13, 20X3 The truck was purchased for CU 74,000. It has driven 5,000 miles in total. O