Which of the following procedures is not a substantive procedure used for testing the valuation of long-lived assets?
A)Assess management's impairment estimates.
B)Inquire of management about assets that are idle.
C)Develop an independent estimate of amortization expense.
D)All of the above are procedures used for testing the valuation assertion.

Question

Quizplus · Accepted Answer

All the options listed (A, B, and C) are indeed substantive procedures used in the audit process to test the valuation of long-lived assets. Assessing management's impairment estimates, inquiring about idle assets, and developing independent estimates of amortization expense are all methods auditors use to ensure the assets are appropriately valued on the financial statements.

Which of the Following Procedures Is Not a Substantive Procedure