Question 5 Audit planning and assertions (total 16 marks]5 You are the audit senior on Tables Limited (Tables) audit and have started planning for the 2016 audit. You have been able to get the following information about various sectors of the business. 1 Property, plant and equipment {PPE} There are generally few fixed asset transactions. Asset registers are maintained, and staff are generally competent. The transactions are often not complex but an element of risk can be introduced when management has to make decisions concerning whether to capitalise or expense items. PPE, being less liquid than other assets, are generally not subject to theft. In recent years a number of PPE items have been manufactured inhouse. You have noticed as a result of your analytical procedures that repairs and maintenance expense has dropped considerably in the last two years. 2 Inventory balances and purchase transactions