The auditor identifithe specific audit objective: "determine that property, plant and equipment (PPE) assets represent productive assets that are in use at balance date". This objective is derived from the:
A) existence assertion.
B) completeness assertion.
C) presentation and disclosure assertion.
D) rights and obligations assertion.

Question

Quizplus · Accepted Answer

The existence assertion relates to whether the assets actually exist and this audit objective specifically addresses whether the assets are in use, which would fall under existence.

The Auditor Identifithe Specific Audit Objective: "Determine That Property, Plant