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lando is a first - year trainee accountant. You are the audit senior in charge of the audit of Bid Wolf ( Pty ) Ltd
lando is a firstyear trainee accountant. You are the audit senior in charge of the audit of Bid Wolf Pty Ltd
a large pig farming operation in Limpopo. The financial yearend of Bad Wolf is December During the year under
review, Bad Wolf acquired a new truck and trailer on September They also sold a tractor on October
You asked lando to perform audit procedures on the noncurrent assets in the financial statements. Noncurrent assets
in the financial statements of Bad Wolf consists of property, plant and equipment. Thando is not sure about the assertions
that he will need to test as well as the audit procedures that he would have to perform on noncurrent assets.
Required
Explain to lando what assertions should be tested during the audit of the noncurrent assets and why
you have to test these assertions. You do not need to discuss the classification and presentation assertions.
Explain to lando what is meant by sufficient and appropriate audit documentation and how this will apply
to the audit of noncurrent assets
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