Property,plant,and Equipment Is Normally Audited in a Different Manner Than
Property,plant,and equipment is normally audited in a different manner than current asset accounts.State three reasons why this is so,and discuss the differences in how property,plant,and equipment is audited compared to current assets.
State four of the seven specific balance-related audit objectives for property,plant,and equipment additions and,for each objective,describe one common test of details of balances.
When auditing disposals of property,plant,and equipment,the search for unrecorded disposals is essential.State the four audit procedures frequently used for verifying disposals.
Discuss the key internal controls related to the disposal of property,plant,and equipment.