Physical examination of assets is NOT a sufficient form of evidence when the auditor wants to determine the:
A) quantity and description of the asset.
B) ownership of the asset.
C) condition or quality of the asset.
D) existence of the asset.

Question

Quizplus · Accepted Answer

Ownership of an asset cannot be conclusively determined through physical examination alone; it requires review of legal documents or other forms of evidence to establish legal rights or ownership.

Physical Examination of Assets Is NOT a Sufficient Form of Evidence