Auditors usually test for the existence of property, plant and equipment by:
A) physically sighting the assets on the fixed assets register in the first year the client is audited.
B) vouching to supporting documentation.
C) re-performing depreciation calculations.
D) performing analytical review procedures.

Question

Quizplus · Accepted Answer

Auditors test for the existence of property, plant, and equipment by physically sighting the assets, especially in the first year of audit, to ensure that the assets listed in the fixed assets register actually exist.

Auditors Usually Test for the Existence of Property, Plant and Equipment