Physically sighting fixed assets enables the auditor to test the rights and obligations
assertion.

Name: Physically sighting fixed assets enables the auditor to test the rights and obligations assertion.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Physically sighting fixed assets primarily tests the existence assertion, ensuring the assets are present and owned by the entity, not directly testing rights and obligations. Rights and obligations are often verified through documents such as invoices, titles, or lease agreements.

Physically Sighting Fixed Assets Enables the Auditor to Test the Rights