Question 3 The control purpose behind fixed asset reports is:.............

a. Completeness, ownership, and valuation and proper accounting.

b. Completeness only.

c. Validity only.

d. Completeness, validity, and valuation.

Question 4 I

nternal controls should provide for detail-checking procedures. But generally speaking the matching of accounts payables and cheques paying those amounts should be sufficient control to ensure that only authorized purchases (payables) are paid.

TRUE or FALSE

Question 5

Which of the following is an auditors objective related to the valuation assertion for the auditees PPE and intangible assets?

a. Obtain evidence that the auditee has legal rights to its patents.

b. Obtain evidence that the auditee has legal title to the building included in its PPE.

c. Evaluate managements estimate of impairment of its manufacturing equipment.

.d. Verify that the auditees depreciation policies are accurately described in the notes to the financial statements.