Q:

Which of the following internal control activities most likely justifies reducing the assessment of the risks of material misstatement for plant and equipment acquisitions?

belongs to book: AUDITING & ASSURANCE SERVICES | A Systematic Approach|William F.Messier, Steven M.Glover, Douglas F. Prawitt|10th Edition| Chapter number:14| Question number:14.20

Ibrahimhamm

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2022-06-30

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Which of the following internal control activities most likely justifies reducing the assessment of the risks of material misstatement for plant and equipment acquisitions?

periodic physical inspection of plant and equipment by the internal audit staff
comparison of current year plant and equipment account balances with prior year actual balances
the review of prenumbered purchase orders to detect unrecorded trade ins
approval of periodic depreciation entries by a supervisor independent of the accounting department

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Ibrahimhamm

2022-06-30

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A. periodic physical inspection of plant and equipment by the internal audit staff

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