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Describe substantive audit procedures

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(a) You are responsible for planning the audit of PP&E as the senior on the Mustang Ltd audit engagement for year ended 31 December 2019. Describe substantive audit procedures the junior team member should perform to obtain sufficient and appropriate audit evident for current year acquisitions.

(b) Equipment on hand which is no longer used in operations but which the auditor has physically verified as being in existence does not need to be evaluated for potential impairment. Discuss whether this statement is correct or not.

Reference no: EM132571029

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