Why does the audit of fixed assets generally take less time than the audit of current assets?

Question:

Why does the audit of fixed assets generally take less time than the audit of current assets? Why is it audited using a predominantly substantive approach?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Modern Auditing

ISBN: 9780471230113

1st Edition

Authors: Graham Cosserat

See More Books

Question Posted: May 06, 2024 08:04 AM

See More Questions

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
The following are situations that may violate the general rules of conduct of professional accountants. Assume in each case that the PA is a partner. a. Simone Able, a PA, owns a substantial limited...
Victoria is managing the performance of audit procedures on the trade receivables transaction file. Her main focus is the posting of entries for sales and sales returns to the control account and the...
Describe how a noninsulating allocation promotes cooperation among managers and encourages mutual monitoring.
Determine the proportionality constant k in dy/dt = ky for problem 9. Then use y = 4.5ekt to find the population after 100 years.
1. Which type of symbiosis benefits both members? a. Mutualism b. Parasitism c. Commensalism d. Pathogenesis 2. The mold that produces penicillin is an example of a. parasitism. b. mutualism. c....
Why can the analysis of a transistor circuit be split into a dc analysis, with all ac sources set equal to zero, and an ac analysis, with all dc sources set equal to zero?
Folic Acid Inc. has $20 million in earnings, pays $2.75 million in interest to bondholders, and $1.80 million in dividends to preferred stockholders. a. What are the common stockholders residual...
What metrics and indicators can be used to evaluate the effectiveness of strategic decision-making initiatives and their impact on organizational outcomes ?
Discuss the procedures that would be useful in ensuring that all disposals of fixed assets have been recorded.
What are the audit objectives for fixed asset transactions and balances?
The following data were taken for the thermal decomposition of N 2 O 3 at a constant temperature: Using Excel, make three graphs: one with ln ([N 2 O 3 ]) as a function of t, one with 1/[N 2 O 3 ] as...
After you've completed this week's assigned reading, watch the video below. Next, respond to the Discussion questions underneath. Your first post should answer those questions and should be made by...
Netflix is a subscription - based streaming service that allows our members to watch TV shows and movies on an internet - connected device. Depending on your plan, you can also download TV shows and...
What are the challenges associated with vaccine development, particularly in designing immunogens that elicit protective immune responses while minimizing adverse reactions or potential escape...
The system shown consists of three cables; 1, 2 and 3. Cable 1 passes over a frictionless pulley. A mass of 7.7 kg is suspended. Determine the force in cable 3 considering the following data: y1 =...
(2) [This one is a little involved, but quite important and illustrates the usefulness of large sample theory to guide decisions. See the video example provided on the course webpage for a very...
What resources are used when a thread is created? How do they differ from those used when a process is created?
To balance the chemical equation SiH3 + O2 SiO2 + HO, you could introduce coefficients a, b, c, d and write aSiH3 + bO2 cSiO + dHO then write linear equations for each element. The equation for Si...
O Given the following truth table, generate the gate-level logic circuit. A B C Z 0 0 0 0 0 0 1 0 0 1 0 1 0 1 1 0 1 0 0 1 1 0 1 0 1 1 0 1 1 1 1 0
Construct DFA that accepts the following language: 1) ((ab) |a) 2) ((abc)*a*) 3) The set of strings over (a, b) in which there is at least one b if the string length is at least 4. 4) The set of...
Find the traverse order using Depth first for the above tree starting from the node A. D

Why does the audit of fixed assets generally take less time than the audit of current assets?

Question:

Step by Step Answer:

The audit of fixed assets generally takes less time than the audit of current assets due to several reasons 1 Lower Transaction Volume Fixed assets typically have a lower volume of transactions compar...View the full answer

Modern Auditing

Students also viewed these Business questions