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Can someone explain the main risks associated with FS assertions relating to non-current assets ?
Thanks
Regards
Christine
Rights and obligations: just because NCA is present does not mean that it’s owned; eg might be rented.
Existence: might have been lost/stolen
Valuation: depreciation ok? Should it be written down faster?
Completeness: have all NCAs been included?
Classification and understandability: is it properly described as eg plant and machinery or is it a motor vehicle?
Accuracy: speaks for itselfThanks.
Another question : in exam question is that audit work mean as audit procedure ?
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