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  • Lecture 8 Audit Evidence

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    Fadil Rush
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    Depreciation rates for various non-current assets are provided, with land and buildings at 2%, plant and machinery at 20%, motor vehicles at 33%, and railway trucks at 20%. Motor vehicles disposed of were 5 years old. Audit work should be performed on railway trucks, and issues identified with the non-current assets note to raise with management excluding railway trucks.

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    Depreciation rates for various non-current assets are provided, with land and buildings at 2%, plant and machinery at 20%, motor vehicles at 33%, and railway trucks at 20%. Motor vehicles disposed of were 5 years old. Audit work should be performed on railway trucks, and issues identified with the non-current assets note to raise with management excluding railway trucks.

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    16 views1 page

    Lecture 8 Audit Evidence

    Uploaded by

    Fadil Rush
    Depreciation rates for various non-current assets are provided, with land and buildings at 2%, plant and machinery at 20%, motor vehicles at 33%, and railway trucks at 20%. Motor vehicles disposed of were 5 years old. Audit work should be performed on railway trucks, and issues identified with the non-current assets note to raise with management excluding railway trucks.

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    © All Rights Reserved
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    of 1

    Depreciation rates stated in the financial statements are all based on cost and calculated using the straight

    line
    basis.
    The rates are:
    Land and buildings 2%
    Plant and machinery 20%
    Motor vehicles 33%
    Railway trucks 20%
    Disposals in the motor vehicles category relates to vehicles which were five years old.
    Required
    (a) List the audit work you should perform on railway trucks. (10 marks)
    (b) You have just completed your analytical procedures of the non-current assets note.
    Required
    (i) Excluding railway trucks, identify and explain any issues with the non-current asset note to raise with
    management.
    (ii) Explain how each issue could be resolved. (10 marks)
    Note. You do not need to re-cast the schedule.
    (Total = 20 marks)

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