You are auditing the acquisition of property, plant, and equipment. Explain the audit procedures to audit the following assertions. 1. Occurrence of acquisitions of property, plant, and equipment. 2. Accuracy of acquisitions of property, plant, and equipment. 3. Completeness of acquisitions of property, plant, and equipment.

You are auditing the disposals of property, plant, and equipment. Explain the audit procedures to audit the following assertions.

1.		Occurrence of disposals of property, plant, and equipment.
2.		Accuracy of disposals of property, plant, and equipment.
3.		Completeness of disposals of property, plant, and equipment.

How does auditing the disposals of property, plant, and equipment provide evidence related to depreciation expense?

You select the following sample of acquisitions of property, plant, and equipment. What can you conclude about the acquisitions of property, plant, and equipment from this evidence? Tolerable misstatement for property, plant, and equipment is $1 million.

Property, Plant, and Equipment Balance Balance January 31, 2022 Acquisitions Disposals January 31, 2023 Property, plant, and equipment $100,065,433 $9,451,131 $1,813,390 $107,703,174 Assets audited by W&S Partners $ 78,951,627 $7,468,810 $1,405,165 $ 85,015,272 Assets audited by other auditors 21,113,806 1,982,321 408,225 22,687,902 $100,065,433 $9,451,131 $1,813,390 $107,703,174 Accumulated Depreciation Beginning Depreciation Ending January 31, 2022 Expense Disposals January 31, 2023 Accumulated depreciation $37,803,894 $5,576,162 $1,153,117 $42,226,939 Assets audited by W&S Partners $29,180,183 $4,383,307 $ 895,992 $32,667,498 Assets audited by other auditors 8,623,711 1,192,855 257,125 9,559,441 $37,803,894 $5,576,162 $1,153,117 $42,226,939 Book Value Size of Size of Book Value Audited Value Stratum of Population Stratum Sample of Sample of Sample > $750,000 $2,678,016 4 4 $2,678,016 $3,143,213 2 $250,000- $750,000 2,343,151 6 1,231,576 1,231,576