State Four of the Seven Specific Balance-Related Audit Objectives for Property

question 109

Essay

State four of the seven specific balance-related audit objectives for property, plant, and equipment additions and, for each objective, describe one common test of details of balances.

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Definitions:

Criminally Liable

The state of being legally responsible for the commission of a crime, subjecting the individual to criminal prosecution and penalties.

Corporate Officer

An executive or manager who holds a position of authority in a corporation, typically appointed by the board of directors.

Hostile Takeovers

Hostile takeovers are attempts by one company to acquire control of another company against the wishes of the target company's management and board of directors.

Respondeat Superior

Latin for “let the superior speak”; the principle by which liability for harm caused by an agent/ employee is held by the principal/employer.