It is not important for an organization to have controls to track the location, quantity, condition, maintenance, and deprecation status of their long-lived assets as the external auditor gathers evidence related to these issues.

Question

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It is important for an organization to have controls to track the location, quantity, condition, maintenance, and deprecation status of their long-lived assets. The external auditor may gather evidence related to these issues, but the organization needs to have its own internal controls in place to ensure that the information is accurate and reliable. Without proper controls, the organization may be at risk for errors, theft, or other issues.

It Is Not Important for an Organization to Have Controls