Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. you have been engaged to conduct the audit of comp

You have been engaged to conduct the audit of Computer Limited for the year ending...

60.1K

Verified Solution

Question

Accounting

You have been engaged to conduct the audit of Computer Limited for the year ending 31 August 2021. The company is a retailer of computers and related devices. One of the audit team members (an accounting graduate) while auditing Property, Plant and Equipment (PPE) assets tested the additions and disposals during the year and recalculated the depreciation expenses. Based on the evidence that no error was found in the additions, disposals and depreciation expense for the year, the audit team member concluded that PPE has a material balance and was appropriately valued. Thus, it does not require any further audit. Required: Explain whether the team members conclusion on the audit of PPE is appropriate? If not, justify what further audit (scope) is required in relation to PPE? (8 marks)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

A crate is given a push such that it has an initial speed of 5.2 m/s...

Electrical Engineering
1.2K views

How has the importance of Usability and Memory Size in computer design changed over the past...

Biology
1.2K views

1 Amphibians were the first vertebrates to live on land The lobe finned fish The...

Biology
1.2K views

Why did you choose Spanish as the language you wanted to learn What is your...

Physics
1.2K views

Two blocks of masses m 1 kg and m2 2 kg are connected by a...

Geometry
1.2K views

Write the equation of the circle with its center at 6 1 and a radius...

Basic Math
1.2K views

2 1 point Fatima wants to paint ten square signs like the one shown Each...

Calculus
1.2K views

Simplify 9 112 35 7 21 3 21 3 9 2 9 112 35 7...

Algebra
1.2K views

Let G be a group with G pq where p and q are prime Prove...

Accounting
1.2K views

Concord Corporation rings up cash sales and sales taxes separately on its cash register. On...

Finance
1.2K views

the available answer on Chegg is wrong . please solve it by yourself and solve...

Accounting
1.2K views

Determine analytically the Fourier transform of each of the signals using m(t)cos(2f1t)cos(2f1t) (2) m(t)cos(2f1t)sin(2f1t) (3)...