Your firm is auditing Samson Ltd, a large manufacturer of steel products. You have been assigned the audit of property, plant and equipment (PPE) for the year-ended 30 June 2016. Samson Ltd maintains a computerised fixed assets register. The company has three main classes of PPE: (1) Freehold Land & Buildings, (2) Manufacturing Machinery, Plant & Equipment, and (3) Motor Vehicles. You are concerned that the depreciation rates for Motor Vehicles may be inadequate. You are also concerned that the recent revaluation of Freehold Land and Buildings by 20% is too high in the current economic climate. Required: For each management assertion listed in the table below, provide substantive audit procedures in relation to one of the above PPE accounts that would be used to gather sufficient appropriate audit evidence. Management Assertion Audit Procedure Existence Recorded PPE assets represent productive assets in use at the end of the reporting period Example Physical inspection of a sample of PPE items on the fixed assets register Examine supporting documentation for a sample of PPE additions Send confirmations for a sample of PPE items stored offsite Completeness PPE includes all applicable assets used in operations at year-end Valuation & Allocation PPE are stated at cost or a valuation less accumulated depreciation Classification & Understandability PPE is properly classified in the financial statements Rights & Obligations The entity owns or has rights to all recorded PPE assets at the end of the reporting period