SuccessLimited is a 740-billion-dollar company that trades on the Stock market. The company 800,000

Accumulated Depreciation200000

Net Plant & Equipment600,000

manufactures and sells consumer products locally and internationally. Recently the company fired its external auditors, Pratt CPA LLC, and hired your firm Strong Values CPA LLC.Below is an extract of Success Balance Sheet as of December 31, 2019.

Fixed Assets

Plant & Equipment

(Fixed assets amounting 87,000 was purchased during the year)

Required

You have been assigned to audit the fixed assets for Success Limited.Provide five (5) financial statement assertions that are applicable to fixed assets and detail the audit procedures that you would execute to verify the fixed assets balance as of December 31, 2019. Fill out the following:

Applicable financial Test Objective Applicable Audit Procedures Applicable Audit

Statement Assertion Explain Procedure Explain

1.Existence & Occurrence

2.Accuracy & Valuation