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NCAs existence test

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › NCAs existence test

  • This topic has 1 reply, 2 voices, and was last updated 3 years ago by Kim Smith.
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  • July 17, 2021 at 3:18 am #627989
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    “Select a sample from the list of additions and review the description on the invoice to confirm that they relate to capital expenditure items rather than repairs and maintenance: verifies existence.”

    ma’am again i find this really strange! how does this process really test existence?

    July 17, 2021 at 9:09 am #628019
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8309
    • ☆☆☆☆☆

    The invoice confirms that an asset has been purchase and therefore existed (at that point in time) rather than that an expense was occurred.

    Of course that is not sufficient evidence that the asset STILL exists at the reporting date – the auditor would plan also to physically inspect.

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