When reviewing accumulated depreciation, the auditor seeks evidence as to the reasonableness, consistency and accuracy of depreciation charges. The substantive procedures performed seek to provide evidence for which assertion?
A) accuracy and valuation
B) completeness
C) rights and obligations
D) presentation

Question

Quizplus · Accepted Answer

The substantive procedures performed by the auditor when reviewing accumulated depreciation seek evidence for the accuracy and valuation assertion. This means the auditor is seeking evidence to ensure that the depreciation charges are reasonable, consistent, and accurate, which supports the assertion that the financial statements are accurately valued.

When Reviewing Accumulated Depreciation, the Auditor Seeks Evidence as to the Reasonableness