Question

In: Accounting

1. Auditors must obtain evidence that there are no significant amounts of unregistered withdrawals of property,...

1. Auditors must obtain evidence that there are no significant amounts of unregistered withdrawals of property, plant and equipment.

A- Describe two ways in which auditors obtain evidence that there are no significant amounts of unregistered property withdrawals (land).
B- Describe three ways in which auditors obtain evidence that there are no significant amounts of unregistered equipment withdrawals.

NOTE: Could you please don't use your handwriting to answer this question to be easy for me to solve...Thanks

Expert Solution

AUDIT EVIDENCE : It is the information obtained by the auditor by performing audit procedures in order to arrive at the conclusons on which aditor opiniion is based.

it includes information contained in books of accounts and financial statements

any other information obtained during the course of audit.

* The audit evidence obtained may be documentary,oral,visual, internal or external evidences.

The auditor generally performs compliance and substantive procedures to obtain audit evidence

Therefore:

The auditors obtain audit evidences thet there are no significant amounts of unregistered properrty withdrawls by

i) in case of rental, vouching rental receipts from lesses and if nay crossing treshold limits, verifying whether tds deducted or not.

ii)Examining of property tax bills

iii) verifying payments made to trustees abd mortagaes

The Auditors may obtain evidence that there are no signficant amounts of unregistered equipment withdrawls

i) inquire the supervisors and executive persons responsible for equipments

ii)investigate whether the asset is replaced or disposed after correct accounting and life usage . and also verify the insurance coverage from it

iii)in case of withdrawls related to dicounted operations verify the related equipments are also discontinued or only any particular equipment withdrawed.

ekkarill92 answered 2 years ago

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