Question

You are auditing and testing the audit-related objective of Completeness. Which of the following audit procedures is most likely to achieve your objective:

A.Inspection of supporting vendor invoices.

B. Physical examination of assets from the fixed asset ledger.

C.Inspection of vendor invoices for closely related accounts such as repairs and maintenance.

D. Independent confirmation of current year additions.

Answer 1

Completeness: this attestation concern the fulfillment of fixed assets that records to be decided sheet and also fixed assets posting. On the off chance that the fixed assets are not totally records, understatement is probably going to occur.

Audit procedures:

Accommodate the book estimation of assets to GL and TB:

Auditors ought to have element's financial statements, general leger and also Trial Balance for the period that they are auditing and also significance period. Prior to chipping away at TB and GL of fixed assets, it is significance for auditor to check whether the GL and TB is connected to fixed assets book esteem, deterioration, and in addition collect devalue is tight to financial statements.

Accommodate book estimation of assets to fixed assets enlist or mater record to guarantee that the enlist the enroll that utilization for physical check are finished and precise.

Survey fix and support costs whether it is as of now effectively ordered. Fix and upkeep is the cost that spend for conveying assets to present and prior condition. In the event that the cost that spend to assets are to expand the limit of assets, at that point those expense ought excluding into the fix and support. Those expenses ought to be promoted.

Audit the working paper of accommodating fixed resource per leaning to real tally to guarantee that the outcome after include reflect to fixed assets the financial statements