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Discuss with finance director the rationale for change in useful life of assets.
Which assertion is being tested?I would say that that is an auditor’s response to an assessed risk – and auditor’s responses are not necessarily substantive procedures. “Discuss” like “inquiry” would not be enough to substantiate any assertion. The auditor is obtaining more information about useful lives which will affect the calculation and hence carrying amount (valuation) of assets but it is not testing that assertion.
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