Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You are testing fixed assets disposals for the year ended 3 0 September 2 0 XX . You have noticed that one item which is

You are testing fixed assets disposals for the year ended 30 September 20XX. You have noticed that one item which is over performance materiality was disposed of on 20 October 20XX. Which of the following best describes what you would do next?
1. Share the findings with a more experienced team member.
2. Propose an entry to the summary of uncorrected misstatements (SUM).
3. Document your findings of possible fraud in the targeted testing template.
4. Obtain additional supporting documents from the client to ensure this has been recorded in the correct period.
A: 1 and 4
B: 1 and 2
C: 2 and 3
D: 3 and 4

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Practice Management With Auditing For Coders

Authors: Elsevier

1st Edition

0323482333, 978-0323482332

More Books

Students also viewed these Accounting questions

Question

What are the challenges associated with tunneling in urban areas?

Answered: 1 week ago

Question

What are the main differences between rigid and flexible pavements?

Answered: 1 week ago

Question

What is the purpose of a retaining wall, and how is it designed?

Answered: 1 week ago

Question

How do you determine the load-bearing capacity of a soil?

Answered: 1 week ago

Question

what is Edward Lemieux effect / Anomeric effect ?

Answered: 1 week ago