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Question 364 - IIA-CIA-Part2 discussion

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An organization owns vehicles that are kept off-site by employees to pick up and deliver orders. An internal auditor selects a specific vehicle from the fixed asset register for testing. Which of the following would best provide sufficient, indirect evidence for the auditor to confirm the existence of the vehicle?

A.
Review logs of the vehicles assigned to employees for the delivery of goods during the engagement period.
Answers
A.
Review logs of the vehicles assigned to employees for the delivery of goods during the engagement period.
B.
Visit the home address of the specific employee to see the selected vehicle.
Answers
B.
Visit the home address of the specific employee to see the selected vehicle.
C.
Compare the registered details of the vehicle in the fixed asset register to a date-stamped photograph of the vehicle.
Answers
C.
Compare the registered details of the vehicle in the fixed asset register to a date-stamped photograph of the vehicle.
D.
Seek independent confirmation of the vehicle's details from one of the delivery employees.
Answers
D.
Seek independent confirmation of the vehicle's details from one of the delivery employees.
Suggested answer: C

Explanation:

To confirm the existence of a specific vehicle selected from the fixed asset register, the best indirect evidence would be to compare the registered details of the vehicle with a date-stamped photograph. This method provides a verifiable form of evidence that the vehicle exists and matches the details recorded in the asset register. It ensures that the vehicle is still in possession of the organization and can be indirectly verified without the need for physical presence at an off-site location.

IIA Practice Guide: 'Auditing Fixed Assets'

COSO Internal Control -- Integrated Framework

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asked 18/09/2024
Adrian Kustosz
36 questions
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