Unload Inc. a transportation company, has property, plant, and equipment consisting of six buses, all of which have been acquired under capital leases. Unload follows ASPE. Required: Complete the table below by describing how the assertion would apply in identifying a risk of a material misstatement to the property, plant, and equipment and capital lease liabilities accounts. The first one is done to provide guidance.

 

Audit assertion	Property, plant, and equipment	Capital lease liabilities
Completeness	Have all property, plant, and equipment and all relevant overhauls been included in the financial statements?	Have all capital lease liabilities been identified and included in the financial statements?
Existence
Rights and obligations
Accuracy, valuation, and allocation
Classification
Presentation