Which of These Is Not True Regarding Substantive Procedures for Property

question 32

Multiple Choice

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.

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Definitions:

Health Hazard

Any source of potential damage, harm, or adverse health effects on something or someone under certain conditions at work or life.

Biomimicry

The design and production of materials, structures, and systems that are modeled on biological entities and processes.

Chemical Waste

Hazardous waste resulting from industrial, laboratory, or other processes involving chemicals, which requires special handling and disposal to minimize environmental impact.

Atmospheric Emissions

The release of gases, particulates, and other substances into the atmosphere from various sources, including vehicles, industries, and natural processes.