As Existence of Property, Plant, and Equipment Is the Ket

question 55

True/False

As existence of property, plant, and equipment is the ket audit assertion, the auditor donot need to obtain evidence of sales, disposals, and trade-ins.

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Definitions:

Subsidiary

A company that is completely or partly owned and partly or wholly controlled by another company, known as the parent company.

Parent

In business and accounting, a parent entity controls one or more subsidiary entities.

Consolidation Worksheet

A tool used in accounting to combine the financial statements of a parent company with its subsidiaries to prepare consolidated financial statements.

Intragroup Service

Services provided between companies within the same group, typically involving administrative, technical, or logistical support.