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eFishie eFishie
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4 years ago
State each of the seven specific balance-related audit objectives for manufacturing equipment additions and, for each objective, describe one common test of details of balances.
Textbook 

Auditing: The Art and Science of Assurance Engagements, Canadian Edition


Edition: 12th
Authors:
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inthe80sinthe80s
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• Current-year acquisitions as listed exist (existence). Physically examine assets.
• Existing acquisitions are recorded (completeness). Examine vendors' invoices of closely related accounts such as repairs and maintenance to uncover items that should be manufacturing equipment.
• Current-year acquisitions as listed are accurate (accuracy). Examine vendors' invoices.
• Current-year acquisitions as listed are properly classified (classification). Examine rent and lease expense for capital leases.
• Current-year acquisitions are recorded in the proper period (cutoff). Review transactions near the balance sheet date for proper period.
• The client has rights to current-year acquisitions (rights). Examine vendors' invoices.
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