Which of these is not true regarding substantive procedures for property, plant, and equipment in an initial audit
A) the auditor concentrates on the current year's transactions only.
B) evidence must be obtained as to the fairness of the opening balances.
C) evidence must be obtained as to the ownership of the assets.
D) All of the above are untrue.

Question

Quizplus · Accepted Answer

The auditor should not only concentrate on the current year's transactions but also consider prior period transactions to ensure the completeness and accuracy of the opening balances. Therefore, choice A is untrue. B and C are both true statements regarding substantive procedures for property, plant, and equipment in an initial audit.

Which of These Is Not True Regarding Substantive Procedures for Property