ICAEW ARF · Chapter 8 · Question 8 of 12
Which procedure provides the best evidence of the existence of assets recorded in a client's non-current asset register?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: D) Selecting assets from the register and physically inspecting them
Explanation
Existence is tested by starting from the recorded assets and confirming that they are physically present. Starting from assets on site tests completeness, recalculating depreciation tests valuation, and agreeing totals checks that the register reconciles to the ledger.
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